This afternoon, both gold and silver are trading lower despite the intra-day sell off in the U.S. Dollar Index futures (DX U1). Usually, gold and silver will surge higher when the U.S. Dollar Index pulls back or decline lower. Today, the precious metals are not reacting to the intra-day decline in the U.S. Dollar Index and this is a change in character for the precious metals.
The SPDR Gold Shares (NYSE:GLD) are trading lower by $1.69 to $147.57 a share. Short term traders can look for intra-day support around the $147.47, and $146.50 levels. The GLD has remained very weak this afternoon and this tells us that all support levels are minor.
The iShares Silver Trust (NYSE:SLV) is trading lower by $1.42 to $33.83 a share. Short term traders can watch for intra-day support around the $33.50 and $33.00 levels. The SLV will trade very similar to the GLD, therefore, all bounces are short term.