Precious Metals Test Important Support Levels

GOLD

Based on a comment made by Trump that we could be close to an agreement with the Chinese on trade, the Gold price dropped. Gold tested the important $1,500 per ounce support level, by briefly trading at $1,499.50 and bounced back quickly. At 11am PT today, Gold is trading at $1,506, down $27 per ounce on excellent volume.

SILVER

The Silver price sold off with Gold, testing the important $18 per ounce support level. I’ve explained numerous times that the price volatility in Silver has been substantially stronger for Silver then Gold, and I expect it to remain the same. At 11am PT today, Silver is down $0.53 per ounce, trading at $18.01 on heavy volume.