Gold trading in narrow range after yesterdays low

GOLD

After reaching a low of $1,282 per ounce yesterday, today Gold has traded in the narrow $8 high/low range from $1,296 to $1,288 per ounce. If we don’t break out higher soon, I would be concerned we will test the $1,280 support area again. At 11am PDT today, Gold is trading at $1,293, up $1 per ounce on average volume.

SILVER

Silver has traded above and below the $16.50 level today. It appears that last Wednesday’s low of $16.14 per ounce brought in sizeable buying of popular physical investment products. At 11am PDT today, Silver is up $0.05, trading at $16.60 per ounce on normal volume.

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