Gold Slightly Declines After Hawkish Comments from Federal Reserve official

GOLD

After hitting a high of $1,789 yesterday, Gold tested support during Asian, European trading last night. Gold reached a low of $1,754 in early U.S. trading on hawkish comments from a Federal Reserve official, driving up the U.S. Dollar value. $1,750 is a key support level for Gold and needs to hold for the current rally to continue. At 11am PT today, Gold is trading at $1,760 per ounce, down $11 on average volume.

SILVER

Silver tested its $20 support level last night and broke down, reaching a low of $19.82, before seeing sizeable bargain buying. As the market moved into the U.S. buying helped bring the price up to the $20 level. Right now, the Silver price has been trading above and below that level. At 11am PT today, Silver is down $0.06 per ounce, trading at $20 on good volume.