Gold Tests Important $1,400 Support Level

GOLD

Gold tested its $1,400 support level in early Asian trading. Gold reached a low of $1,402 per ounce before sizeable buying appeared and quickly rallied $10 per ounce. This was the first test of the very important $1,400 support level. With the G-20 meeting coming up, this level could be tested again, based on the news in regard to the Chinese trade war. At 11am PT today, Gold is trading at $1,413 per ounce, down $11 on excellent volume.

SILVER

Silver reached a low of $15.16 per ounce this morning. Silver did rally $0.10 when Gold buying appeared. In recent trading Silver just doesn’t have the support needed to break above the key $15.50 level. At 11am PT today, Silver is down $0.05 per ounce, trading at $14.33 on average volume.