Bears Briefly Took Control Of Gold Market

GOLD

The bears took control of the Gold market in early overnight trading, driving the price down to $1,869.70. As the market rolled out of Asia and into Europe, bargain buyers appeared and drove the price back to $1,880. Then in late trading, the buying continued taking the Gold price back over $1,890 per ounce. This was the second unsuccessful attempt to bring Gold below $1,850 per ounce, and demand is too strong. Traders are waiting for tomorrow's inflation data and we hopefully will see Gold back above $1,900 again. At 11am PT today, Gold is trading at $1,894 per ounce, up $2 on good volume.

SILVER

Silver followed Gold lower, reaching a low of $27.40 per ounce before seeing fresh buying. Silver traded above and below the $28 level in the U.S. market, as it continues to build a base. At 11am PT today, Silver is up $0.06 per ounce, trading at $27.94 on average volume.