Today’s selling continued to day’s trading resulting in a strong draw down in both gold and silver with futures gold closing down $13.50 currently fixed at $1242 an ounce.

After an unsuccessful attempt yesterday to break above the current resistance level, gold returns to trading under pressure. Today’s market activity resulted in gold futures declining by approximately $3.20, which is a quarter percent decline.

Gold futures gained $2.60 in trading today and is currently fixed at $1,258.40. Gold traded to the highest level in the last eight days when, on an intraday basis, it traded to $1,266.90.