U.S. Dollar Reaches 20 Year High as Gold Drops Below Support Level

GOLD

Gold broke down below the key $1,800 support level in Asian trading last night, reaching a low of $1,784 per ounce. As trading rolled into European and U.S. Gold rallied back above $1,800 per ounce on fresh buying. A 20-Year high in the value of the U.S. Dollar is a major contributor to the decline in Gold, valued in Dollars. At 11am PT today, Gold is trading at $1,805 per ounce, down $3 on light normal volume.

SILVER

Silver moved below the key $20 support level early this morning as the Gold market was selling off. Silver tried a few times, but could not rally back above $20 in European trading. At 11am PT today, silver is down $0.60 per ounce, trading at $19.80 on excellent volume.