Traders Wait To See Any Progress On Stimulus Legislation

GOLD

Gold tested support this morning, reaching a low of $1,830 per ounce before seeing bargain buying. Today’s strong U.S. Dollar Index caused by a drop in December’s U.S. Durable Goods data. This morning traders continue to wait to see any progress with the $1.9 trillion COVID-19 stimulus legislation. This afternoon we will hear comments from Federal Reserve Chairman Powell on Fed policy changes for 2021, and his overview of the U.S. economy. At 11 am PT Today, Gold is trading at $1,847 per ounce, down $7 on good volume.

SILVER

The Silver price briefly broke below the key $25 earlier today when Gold reached its lows. We are seeing excellent physical demand for Silver in the $25 level, as many of the popular investment items are becoming difficult to find. At 11 am PT today, Silver is trading at $25.36 per ounce, down $0.06 on normal volume.