Gold sold off after trading over $1,340

GOLD

After trading at over $1,340 per ounce in Asian and European markets during the holiday weekend, Gold sold off in U.S. markets, reaching a low of $1,331.50. A weaker U.S. Dollar is adding support to the Gold price. I continue to believe Gold should trade between $1,320 and $1,350 per ounce for a couple weeks, while it consolidates recent gains. At 11am PST today, Gold is trading at $1,338, up $2 since last Friday, on excellent volume.

SILVER

Over the past couple days Silver has had a 50 cent high/low trading range. Silver reached a high of $17.40 over the holiday, and today hit a low of $16.89 per ounce. Silver needs to firmly stay above the $17 support level to regain its bullish sentiment. At 11am PST today, Silver is up $0.05 per ounce, trading at $17.22 on excellent volume.