Gold & Silver Testing Key Support Levels

GOLD

After Federal Reserve Chairman Powell press conference, the Gold price moved from $2,697 to $2,710 per ounce. His optimism on rates continuing to move lower next year is very bullish for the price of Gold. Over the past 24 hours Gold has traded between $2,680 and $2,710 as Gold builds a base for the next firm move above $2,700 and higher.

This morning China unveiled a $1.4 Trillion Stimulus package in an effort to boost the failing economy. This package falls short of analysts’ expectations, and over half of it was to pay down debt. The Gold market didn’t react positively to the Chinese announcement and with the U.S. Dollar Index staying strong (above 105), Gold couldn’t move back above $2,700 per ounce.

At 11am PT today, Gold is trading at $2,685, down $10 on average volume.

SILVER

Silver moved above $32 per ounce after Chair Powell’s press conference, but couldn’t hold that level in overnight trading. Silver reached a low of $31.21 after the disappointing Chinese stimulus package was announced.
At 11am PT today, Silver is down $0.45 per ounce, trading at $31.35 on normal volume.