Gold Momentum Still Bullish

GOLD

Gold broke below the key $2,000 level early today, but still aims for a second straight weekly gain. The 10-Year Treasuries moving above the important 2% level put pressure on the Gold price. After reaching a high of $2,075 during the week, Gold settled back under $2,000. The momentum is still bullish and I expect Gold to move above $2,000 again early next week. At 11am PT today, Gold is trading at $1989, down $12 on average volume.

SILVER

The Silver price stayed strong today, in the face of a low Gold price. Yesterday’s inflation news of a 7.9% increase (40-Year high) continues to increase demand for Silver. The $26 per ounce level is key to the short-term direction of the Silver price. At 11am PT today, Silver is down $0.10 per ounce, trading at $25.93 on average volume.