After yesterday’s Janet Yellen (chairman of the Federal Reserve) hawkish news conference, Gold sold off. Additionally, the U.S. Dollar rallied and more interest rate increases this year were confirmed alongside the Fed shrinking the massive $4.5 trillion balance sheet. Gold tested the $1,250 per ounce major support line and quickly rallied higher. At 11am PDT today, Gold is trading at $1,254, down $22 per ounce on heavy volume.


After reaching a high of $17.36 yesterday before Yellen’s news conference, Silver quickly sold off when Gold broke down this morning. Silver reached a low of $16.65 this morning and bargain buyers jumped on it, taking Silver up $0.10 per ounce. At 11am PDT today, Silver is down $0.40 per ounce, trading at $16.80 on heavy volume.