Silver Continues To Show Weakness While Gold Tests Lower Support Level

GOLD

A sizeable rally in the U.S. Dollar this morning, particularly against the Euro, caused Gold to test its $1,280 support level. Gold reached a low of $1,276 before seeing support buying rush in. Gold quickly moved back above the $1,280 support level. At 11am PT today, Gold is down $4 per ounce, trading at $1,281 on normal volume.

SILVER

Silver continues to show weakness, reaching a low of $15.19 per ounce in early morning Asian trading. Technical analysts are disappointed in Silver because it has broken below the important 200-day moving average. If Gold doesn’t rally above $1,300 by month end, Silver may test the $15 support level. At 11am PT today, Silver is trading at $15.29 per ounce, down $0.08 on average volume.