Gold & Silver Testing Key Support Levels

GOLD

I watched the gold price trade last night from Sydney, to Shanghai, Dubai, London, and to the U.S., and it never got near the $3,300 support level. Gold reached a low of $3,321 during Australian trading and started moving higher in Shanghai. However, as gold trading moved into the U.S., the price saw selling on the EU trade agreement news and reached a low of $3,301 per ounce. At that point, fresh buying appeared and rallied the price $15 per ounce. The gold market awaits further direction from the Federal Reserve’s policy statement due on Wednesday.

At 11 am PT today, gold is trading at $3,311 per ounce, down $24 from Friday.

SILVER

Today, silver reached a low $37.96 per ounce in early oversees trading, then quickly moved higher from that level. Silver traded between the $38.20 to $38.40 area until trading moved in the U.S. In the U.S. Silver market, selling drove the price down to $37.82, and then buying came back, taking the price back above the key $38 support level.

At 11 am PT today, silver is down $0.15 per ounce, trading at $38.05 on heavy volume.