Silver Is Displaying More Price Support Than Gold Today

GOLD

Gold reached a high of $1,855 in Asian trading this morning on pre-Chinese New Year buying. As the Gold market moved into the U.S., it started to sell-off ahead of today’s Federal Reserve rate update. The Fed is expected to give an indication on any interest rate increase in March, which would affect the financial markets. After Gold dropped below the $1,840 level in U.S. trading, it quickly tested the support in the $1,830 area. At 11am PT today, Gold is trading at $1,833 per ounce, down $22 on average volume.

SILVER

Silver is showing more price support than Gold today, with strong demand above the key $23.50 level. Based on the Fed’s statement today, Silver could end today’s trading on the plus side. At 11am PT today, Silver is down $0.14 trading at $23.90 per ounce on normal volume.