Gold stays virtually unchanged

GOLD

Asian and European trading kept the price of Gold virtually unchanged. Professional commodity traders are aggressive Gold buyers around $1,235 per ounce with sale orders just under $1,250. These are very short-term traders that play the support and resistance levels to pick up a 5-10 Dollars an ounce. I continue to believe Gold will test the $1,250 resistance level very soon. At 11am PDT today, Gold is trading at $1,242 per ounce, unchanged from yesterday on average volume.

SILVER

Today, Silver has shown more support than Gold, with active buying above the $16.25 level. I look for Silver to continue consolidating above the $16.25 level for a bit. At 11am PDT today, Silver is up $0.06, trading at $16.32 per ounce on normal volume.