U.S. Dollar Strength & Heavy Equity Market Selling Is Causing Gold To Fall

GOLD

The Gold price got hit this morning in Asian markets and stayed on the defensive as trading started in the European and the U.S. Markets. Gold reached a low of $1,891 before seeing some short-covering and fresh buying. The strength of the U.S. Dollar and heavy selling in the equity markets is creating a negative environment for precious metal prices. Gold needs to move back above the key $1,900 level within the next couple days or we will be in a new trading range. At 11am PT today, Gold is trading at $1,898 per ounce, down $37 on heavy volume.

SILVER

Silver felt the weight of a falling Gold market this morning. After breaking below the $24 per ounce support level, Silver sold down, reaching a low of $23.39. At 11am PT today, Silver is down $0.62 per ounce, trading at $23.66 on heavy volume.