Gold & Silver Testing Key Support Levels

GOLD

Based on a fresh high in the U.S. Dollar Index, Gold tested its $1,500 per ounce support level this morning. Gold hit a low of $1,492 in early Asian trading, and quickly moved back above the key $1,500 level on fresh buying. At 11am PT today, Gold is trading at $1,500 per ounce, down $15 on good volume.

SILVER

Silver also broke its key support level of $17 per ounce this morning. Silver traded as low as $16.82 before finding short-covering and fresh demand. This is an important test of Silver’s long- and short-term support, and Silver needs to move back above $17 this week. At 11am PT today, Silver is down $0.24 per ounce, trading at $16.93 on good volume.