Gold holding in tight range after being up for 10 sessions
After being up for the 10th straight trading session in a row, Gold is holding in a tight $7 high/low range. The high today was $1,322 and the low was $1,315 per ounce, well above the $1,300 support level. I expect to see some light profit taking this week, after the recent $80 per ounce rally. At 11am PST today, Gold is down $1 per ounce, trading at $1,319 on excellent volume.
Silver tested its $17 support level this morning, reaching a low of $17.02 per ounce before bargain buyers appeared. Silver doesn’t have the price support that Gold has recently shown, therefore I wouldn’t be surprised to see Silver trade below $17 for a brief period of time. At 11am PST today, Silver is trading at $17.12 per ounce, down $0.10 on good volume.