Silver Bulls Trade To Move Back Above The $15 Support Level

GOLD

This morning it was reported that in March U.S. jobless claims fell (lowest level since 1969) and the Producer price index increased. These two strong economic indicators caused precious metals to fall and the U.S. Dollar Index to increase. Gold reached a low of $1,289 per ounce before major buying appeared. At 11am PT today, Gold is down $17 per ounce, trading at $1,292 on strong volume.

SILVER

Silver reached a low of $14.80 per ounce on the same news. $14.80 has been a strong support level in the past month. Many of the professional traders short-sold Silver when it broke $15 and covered when it hit $14.80 per ounce. Today, the Silver bulls are trading to move it back above the key $15 level. At 11am PT today, Silver is trading at $14.94 per ounce, down $0.33 on heavy volume.