Gold in a holding pattern awaiting news
Gold is trading in a narrow $8 high/low trading range from $1,290 to $1,298 per ounce today. Gold is in a holding pattern as the U.S. Dollar Index trades above and below the 94 level in early trading, and with traders believing the Federal Reserve will raise interest rates again at the June 13th meeting. At 11am PDT today, Gold is trading at $1,294, down $2 on normal volume.
Silver is having a difficult time staying above the important $16.50 per ounce level. There is a sizable amount of bargain buyers in the $16.30 level. At 11am PDT today, Silver is trading at $16.44 per ounce, up $0.02 on average volume.