Profit Taking And A Strong U.S. Dollar Drive Gold Lower

GOLD

A stronger U.S. Dollar and some light weekend profit-taking took the Gold price down to $2,996.80 in early morning trading. Gold tested the key $3,000 support level and rallied back quickly. This was the first attempt to break the key support level and there could be more before moving on to $3,100. With important tariffs scheduled to go into effect April 2nd, Gold should start moving higher soon.

At 11am PT today, Gold is trading at $3,014 per ounce, down $25 on light volume.

SILVER

Silver broke below the key $33 price level this morning on Gold’s weakness and reached a low of $32.58 before finding bargain buying. Silver should move back above $33 per ounce early next week if Gold stays above $3,000 per ounce.

At 11am PT today, Silver is trading at $32.96, down $0.44 on average volume.