Bargain Buyers Seeing Short Term Profits

GOLD

Gold broke down below the key $1,700 per ounce level in Asian and early European trading. As trading moved out of European, and started in the U.S., bargain buyers moved in light volume and Gold reached a high of $1,719 before seeing some short-term profit-taking. If the Gold price stays above $1,700 early next week, it’s a good bet that the worse of the recent sell-off is behind us. At 11am PT Today, Gold is trading at $1,712 per ounce, up $10 on good volume.

SILVER

Silver dropped with Gold in early trading, reaching a low of $17.82. At that point Silver quickly rallied back above $18, reaching a high of $18.40 per ounce. $18 is a key support level for Silver and staying above that level is important to the short-term direction. At 11am PT today, Silver is trading at $18.10 per ounce, up $0.18 on normal volume.