The Key To Short-Term Direction

GOLD

Gold briefly tested the $1,800 support/resistance level this morning, reaching a low of $1,796 before rallying back. The U.S. Dollar Index has been steady above the key 90 level, so Gold had no cause to rally. Staying above the $1,800 level is key to the short-term direction of the Gold price. At 11am PT today, Gold is trading at $1,804 per ounce, down $4 on average volume.

SILVER

After breaking above the $28 per ounce resistance level yesterday, Silver had a difficult time holding that level in late Asian and European trading. Silver did sell-off with Gold and reached a low of $27.20 before the markets moved to the U.S. At 11 am PT today, Silver is down $0.50 per ounce, trading at $27.56 on good volume.