Gold broke below $1,250 then quickly moved up

GOLD

Gold briefly broke down below the $1,250 per ounce support level in early trading, but quickly regained the momentum to reach a high of $1,260.70 per ounce. It is very healthy for Gold to continue to consolidate above the key $1,250 level while building a base for the next step higher. At 11am PDT today, Gold is trading at $1,256, down $4 on normal volume.

SILVER

Silver tested its important $16 support level, breaking to a low of $15.87 before seeing bargain buyers appear. For most of today, Silver was trading between $16.00 and $16.10 per ounce. At 11am PDT today, Silver is down $0.02 per ounce, trading at $16.10 on average volume.