U.S. Dollar Index Was Key To Gold Correction

GOLD

Gold tested the key $1,700 support level this morning, reaching a low of $1,702 before seeing bargain buying on excellent volume. The key to this morning’s correction was a strong U.S. Dollar Index, at more than a one-week high. Gold rallied back above the $1,720 level. At 11am PT today, Gold is down $7 per ounce, trading at $1,724 on excellent volume.

SILVER

Silver pushed the Gold price lower, as Silver broke below the key $17 level, reaching $16.92 before rallying back. This morning’s drop and rally came on excellent trading volume. At 11am PT today, Silver is trading at $17.33 per ounce, down $0.18 on active volume.