Bears And Bulls Step In

GOLD

Thursday’s Gold trading was definitely exciting. In Asian markets Gold reached a low of $1,848 per ounce as the bears gained control and margin calls were issued. As trading moved into European markets bargain buyers helped start a rally, and the price moved back above the $1,850 support level, reaching $1,857 per ounce. As European markets were ending and U.S. markets were opening, the bulls stepped in and the price moved above $1,860 and kept on going higher. This rally is in the face of a relatively strong U.S. Dollar Index, trading above 94.30, a one month high. At 11 am PT Today, Gold is trading at $1,873 per ounce, up $7 on excellent volume.

SILVER

Silver reached a low of $21.81 in Asian trading last night before finding short-covering and bargain buyers. As Gold rallied today, the Silver price moved above the $22 and $23 levels quickly and on excellent trading volume. At 11 am PT today, Silver is up $0.10 per ounce, trading at $23.10 on excellent volume.