Gold remains under $1,300 per ounce
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GOLD
As the U.S. Dollar continues to move higher-- Dollar Index over 93.50 (highest since 2011)-- and the 10-Year Treasury moves to 3.10%, Gold remains under $1,300 per ounce. Based on recent trading, I think we could see Gold hit the $1,280 support level next week. If that happens, I look for a final clean out, when major central banks purchase hundreds of tons of Gold, which would drive the price back above the $1,300 level quickly. At 11am PDT today, Gold is trading at $1,293, up $2 per ounce on average Friday volume.
SILVER
Silver is trading in a tight range this morning between $16.30 and $16.50 per ounce. At 11am PDT today, Silver is up $0.04 per ounce, trading at $16.49 on average volume.
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