Gold & Silver Testing Key Support levels

GOLD

Last night in overnight trading, Gold reached a low of $1,931 before rallying back this morning in Europe and the U.S. to $1,947 per ounce. Commodity market traders are waiting for tomorrow’s release of inflation data (CPI) for direction. Interest rates and the U.S. Dollar remain unchanged.

At 11am PT today, Gold is trading at $1,947 per ounce, up $9 on average volume.

SILVER

Silver broke below the $22 per ounce support level this morning, reaching a low of $21.88 before turning around. Silver moved higher with Gold, and reached $22.38 before seeing some light profit taking.

At 11am PT today, Silver is up $0.08 per ounce, trading at $22.35 on normal volume.