Gold Grinding Lower

Gold and Silver prices have pulled back overnight with strong weakness in the Yen, bringing down the whole precious metals complex. As we are pushing through the morning, Gold did catch some support right near the May low at 1936, and we have seen a slight pop in the metals coming off the stronger than expected initial jobless claims, and they are looking to undo the technical damage overnight. For gold, old support will now act as resistance near the 1949-1952 level, and we would need to see prices back above hear for the bulls to take back control of the market, and another break in prices could send the market down toward the 1917-1919 level.