Gold is finding support at $1,320

GOLD

A few massive Gold orders (maybe a central bank) hit the Asian markets this morning, causing Gold to rally $7 per ounce. Right now, it looks like a realistic support level for Gold is around $1,320 per ounce, because major buyers are attracted at that level. At 11am PDT today, Gold is trading at $1,332 per ounce, up $8 on excellent volume.

SILVER

After its $0.50 decline yesterday, Silver continued to decline until it reached $16.50 per ounce in early trading. At that price, buyers and short-covering came in and quickly drove the price up $0.17 per ounce. At 11am PDT today, Silver is up $0.11 per ounce, trading at $16.79 on good volume.