U.S. Dollar Drives Gold Price Below Support Level

GOLD

After reaching a high of $1,926 per ounce in Asian trading, a sharp increase in the U.S. dollar drove the Gold price below the $1,900 support level. A .5% increase in the U.S. Dollar Index during late European trading caused the price of Gold to reach a low of $1,885 before strong buying appeared. At 11 am PT today, Gold is trading at $1,893 per ounce, down $31 on normal volume.

SILVER

When Gold broke the $1,900 support level, Silver moved sharply below the key $25 per ounce level. Silver reached a low of $23.92 before seeing bargain buying that took the price above $24 per ounce. At 11 am PT today, Silver is down $0.98 per ounce, trading at $24.07 on normal volume.