Gold fundamentals are looking good
After Gold’s recent decline to the $1,305 area, its bullish for the Gold price to consolidate above the $1,320 level. This morning, the Gold fundamentals are looking good; a weaker dollar and softer Treasury yields are supporting Gold demand. With the oil price at a 4-year high and tensions in the middle east, the outlook for the Gold price is looking good. At 11am PDT today, Gold is up $1, trading at $1,322 per ounce on excellent volume.
Silver, like Gold, is building a nice base, trading in the $16.88 to $16.63 high/low level. Silver needs to build a firm base between $16.50 and $16.90 before its next attempt at the key $17 per ounce level. At 11am PDT today, Silver is trading at $16.72 per ounce, unchanged from yesterday on excellent volume.