Consolidation and Base Building Is Very Healthy For Gold

GOLD

Gold traded today in a very tight $8 high/low range, from $1,286 to $1,294 per ounce. I believe the continuation of the consolidation and base building is very healthy for Gold. I still believe we will break above the key $1,300 per ounce resistance level by month end. Great article just posted on our website about how Gold is at all-time highs in 72 countries. See link below:
Gold Hits An All-Time High In 72 Currencies
At 11am PT today, Gold is trading at $1,288 per ounce, down $3.50 on normal volume.

SILVER

Silver tested the important $15.50 per ounce support level this morning, reaching a low of $15.49 very briefly. I’m not seeing heavy demand at the lows, which is disappointing considering the strength in the Gold market. At 11am PT today, Silver is down $0.08 per ounce, trading at $15.56 on average volume.