Gold still trading in tight range

GOLD

Gold continues to trade in a tight $8 high/low trading range. Today’s range is between $1,295 and $1,303 per ounce. The U.S. Dollar Index broke below the 93 level. If that trend continues, I would expect to see a rally in Gold soon. At 11am PDT today, Gold is trading at $1,298 per ounce, up $2 on average volume.

SILVER

For the second day in a row, the Silver price is outperforming Gold. Silver reached $16.95 per ounce in early trading, near the important $17 resistance level. At that price there was short-selling which drove the price down about $0.12 per ounce. At 11am PDT today, Silver is up $0.07 per ounce, trading at $16.69 on good volume.