Trading volume is weak

GOLD

Going into a long holiday weekend, trading volume is weak. On the good-side, the U.S. Dollar index is continuing to move lower. During the coming holiday period, I look for Asian trading to be strong, as the Gold price looks very attractive in their currencies. At 11am PDT today, Gold is down $3 per ounce, trading at $1,243 on light volume.

SILVER

Silver continues to test support at $16.50 per ounce, at which price bargain buyers appear. Silver needs to move back above the key $17 per ounce level next week to encourage traders to take new long positions. At 11am PDT today, Silver is trading at $16.65 per ounce, down $0.03 on light volume.