Both Gold & Silver Building A Firm Base

GOLD

After a nine-week rally that brought the price to a high of $4,380 per ounce, Gold didn’t make the 10th week.
The Gold price reached $4,380 earlier this week and then saw major profit-taking, bringing the price down to $4,003 before bouncing back.
Gold has stayed about the key $4,000 per ounce support level this week with exceptional volatility and record trading volume.

The consumer price index (CPI) for September was released today, showing a 0.3% increase.
This number was below economists’ forecast, and the Gold price rallied on the news.

At 11 am PT today, Gold is trading at $4,110 per ounce, down $28 on average volume.

SILVER

Silver reached a low of $47.77 per ounce this morning as it tries to find key support and move back to the $50 per ounce level.
Silver needs to consolidate its recent gains and move back over $50 to regain its bullish trend.

At 11 am PT today, Silver is trading at $48.48 per ounce, down $0.62 per ounce on average volume.