Gold saw solid gains again today

GOLD

Gold saw solid gains today as it traded near the top of its recent trading range in a narrow $10 high/low range of $1,291 to $1,281. Gold is being driven a lot by geopolitical news at this point (as is the Dollar) and end of the week buyers closing out their investment positions. That said, I would continue to expect any significant escalated tension between the U.S. and North Korea would be very bullish for Gold. We could see Gold make its third attempt to break the $1,300 resistance level next week. Having hit $1,300 twice before, the third time could be the charm and if that happens, we could see some major profit taking next week. At 11am PDT Gold is trading at $1,289, up $4 on above average volume.

SILVER

Silver stayed above $17 yesterday and seems to be showing signs of support today. This morning, Silver dipped below $17 for a while, but quickly rebounded back up. This is a good sign for Silver, showing that there is support developing over $17. We just need to see Silver hold above $17 for the near term before making its next run up to $17.50. At 11am PDT Silver is up $0.02 trading at $17.16 on heavy volume.

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