Gold trading in narrow range

GOLD

With a narrow $10 trading range, Gold has been fairly calm in the US trading markets. There is some higher than normal demand in the futures markets, which makes me believe that there is some short covering going on with the day traders. Given the hectic last week in world news, it appears Gold is trying to build a base at the moment. At 11am PDT today, Gold is trading at $1,226, up $1 on strong volume.

SILVER

After hitting a low of about $15.30 during Hong Kong trading hours, Silver came to a high of $15.57 in US trading, at which point day traders came in to balance out their positions. Volume is active but the price is staying in the $15.40 - $15.50 range. I’d like to see what news comes next, but Silver does appear to have some desire to keep running. At 11am PDT today, Silver is trading at $15.52, up $0.12 on slightly above average volume.

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