Strong U.S. Retail Sales Causes Gold Correction

GOLD

An unexpectedly strong increase in U.S. retail sales has boosted the value of the U.S. Dollar and Gold has corrected sharply lower this morning. After breaking below the $1,750 support level, Gold reached a low of $1,745 and quickly bounced back on good volume. At 11am PT Today, Gold is trading at $1760, down $36 on heavy trading volume.

SILVER

Silver fell with Gold, dropping below the $23 per ounce support level, reaching a low of $22.59 before finding bargain buying. At 11am PT today, Silver is down $0.90 per ounce, trading at $22.97 on good volume.