Gold woken up by increase in CPI
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GOLD
This morning, the Gold market was woken up by a sharp increase in the Consumer Price Index (CPI) for January. A surprising increase of 0.5 percent sparked concerns about increased inflation on the horizon. The Dow/Jones initially dropped 105 points, and what did Gold do on inflation concerns? Gold opened up $6 and kept on moving higher, reaching $1,356 per ounce before seeing some light selling. It would be very bullish for the Gold price to stay above $1,350 until the end of the week. At 11am PST today, Gold is up $25 per ounce, trading at $1,352 on excellent volume.
SILVER
On that inflation news, Silver reached a high of $16.96 per ounce before seeing some short-term profit taking. $17 per ounce is a very important resistance level for Silver and we may need a couple more tests of that level before breaking above it, unless Gold goes crazy. At 11am PST today, Silver is trading at $16.86, up $0.28 per ounce on excellent volume.