Metals Drop On Israel Ceasefire Agreement

GOLD

The question about the short-term direction of the Gold price was answered this morning. As Israel and Hezbollah reach a cease-fire agreement in Lebanon, Gold saw selling on the open and the price lowered for most of the trading day.
At 11am PT today, Gold is trading at $2,620 per ounce, down $90 per ounce on heavy volume.

SILVER

Silver followed Gold lower on the news this morning, breaking below the $31 per ounce support level and moving lower.
At 11am PT today, Silver is down $0.97 per ounce, trading at $30.28 per ounce on large volume.