Both Gold And Silver Move Back Above Key Levels

GOLD

Gold found fresh buying today after the July Consumer Confidence Index was released. It rose to 100.3, above economists’ consensus forecast for a 99.7 reading and also above the downwardly revised 97.8 in June. Gold quickly moved back above the key $2,400 resistance/support level on excellent demand.

At 11am PT today, Gold is trading at $2,405 per ounce, up $24 per ounce on strong demand.

SILVER

Silver followed Gold higher, breaking above the key $28 per ounce level and strong demand. Traders are looking forward to tomorrow's Federal Reserve statement on the future of U.S. interest rates. Silver has traded today between $27.58 and $28.49 per ounce.

At 11am PT today, Silver is up $0.55 per ounce, trading at $28.30 on excellent volume.