Gold & Silver Testing Key Support Levels

GOLD

A rally in the US Dollar and an increase in interest rates is putting pressure on precious metals. Gold has moved from $2,062 to $2,030 per ounce in overnight trading. Breaking below the $2,050 level is important, but the key support level is $2,000 per ounce. The FOMC minutes from the December meeting will be released today, and that should have an effect on the financial markets.

At 11am PT today, Gold is trading at $2,064 per ounce, down $10 on light trading.

SILVER

Silver followed Gold, reaching $24.11 in Asian trading and selling off in the U.S. Market, reaching a low of $23.70 per ounce. Buyers got aggressive at today’s low, taking the market up $0.15.

At 11am PT today, Silver is down $0.21 per ounce, trading at $23.84 on light volume.