Gold & Silver Under Pressure But Holding Key Support Levels

GOLD

With the U.S. Dollar reaching a 2-year high over 102  and with interest rates on bonds and Treasury bills at highs, the Gold price is under a lot of pressure.
Another negative for the Gold price is that China's largest physical and futures trading is closed for the holiday.
But the demand for Gold during London trading remains strong.

Why is the Dollar moving higher?
The U.S. Dollar is needed for international trade, and with the price of Oil and
Diesel at record highs and costing more, U.S. Dollars are in heavy demand.

The Bureau of Labor Statistics reported today that Nonfarm payrolls rose
by just 29,000 in September, well below the 84,000 forecasted.

At 11 am PT today, Gold is trading at $4,138 per ounce, down $12 on average volume.

SILVER

Silver has tested the key $60 per ounce support level four times this week,
reaching a low of $59.53 before rallying back over every time.
Watching Silver trade around the globe this week shows the price support in India
and London and the weakness during U.S. trading.

At 11 am PT today, Silver is trading at $60.22 per ounce, down $0.03 on average volume.