Gold Tested Key Support Levels And Came Roaring Back

GOLD

Federal Reserve Chairman Powell said late Tuesday that the Fed is in no rush to cut interest rate again given the current U.S. economy being "strong overall" with low unemployment and inflation remaining above the Fed's 2% target. Plus, January CPI came in this morning at 3%, higher than predicted. Gold reacted to both issues by quickly selling off at $2,860 per ounce, $85 less than Monday’s all-time high of $2,945 per ounce. Gold did find strong safe-haven demand at today’s low and came roaring back to $2,900.

At 11am PT today, Gold is trading at $2,897, down $7 from Tuesday.

SILVER

Silver quickly sold-off with Gold in early US trading, reaching a low of $31.50 before seeing sizeable bargain buying. Silver appears to be forming an excellent support level above the $31.50 per ounce area.

At 11am PT today, Silver is trading at $32.19, up $0.31.