Gold tested low and held

GOLD

The Gold market tested the July 3rd $1,237 low this morning and held. Both physical and futures contact demand was strong at that level and Gold quickly rallied with the price increasing $6 per ounce. At 11am PDT today, Gold is trading at $1,243 per ounce, down $4 on light volume.

SILVER

After briefly rallying above $16, and hitting a high of $16.04 per ounce, Silver sold off. Today’s low of $15.68 was definitely disappointing for the short-term direction. At 11am PDT today, Silver is down $0.14 per ounce, trading at $15.84 on average weekend volume.

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