Gold is holding well as US Dollar Index falls

GOLD

As the U.S. Dollar Index continues to fall (93.19), Gold is holding well above the $1,265 price level. The next short-term resistance level for Gold is $1,280 per ounce, which it should cross later this week. At 11am PDT today, Gold is trading at $1,268, down $1 on average volume.

SILVER

Silver continued to move higher, reaching a high of $16.91 per ounce, but quickly sold off to a trading range between $16.80 and $16.85 an ounce. A little consolidation couldn’t hurt in this price range. At 11am PDT today, Silver is up $0.12 per ounce, trading at $16.80 on good volume.