Interest Rate Spike Causes Gold To Test Support

GOLD

A spike up in interest rates caused Gold to test support, reaching a low of $1,809 per ounce. Gold saw strong demand and quickly rallied off today’s lows. Remember, $1800 is the key support level for short-term bullish direction. At 11am PT today, Gold is trading at $1,815 per ounce, down $14 on strong volume.

SILVER

Silver reacted to the increase in interest rates more severely than Gold, by reaching a low of $25.57 per ounce. Silver broke the key $26 support level and saw short-term short-selling by professional traders. At 11am PT today, Silver is trading at $25.75, down $0.56 per ounce on heavy volume.