Higher Equity & Strong Dollar Negatively Affect Gold

GOLD

A higher equity market and stronger U.S. Dollar are negatively affecting the precious metal markets. Gold was unable to make a significant breakout above $1,300 for the past few trading days, so the bears came in this morning. Gold found good support at the $1,283 level, and started moving higher. At 11am PT today, Gold is trading at $1,287 per ounce, down $11 on average volume.

SILVER

Silver reached a low of $14.42 per ounce before finding buyers. The brief break below the $14.50 support level is very negative for the short-term price. At 11am PT today, Silver is down $0.25 per ounce, trading at $14.55 on excellent volume.