Gold stabilizing after recent volatility

GOLD

Today Gold has traded between $1,170 and $1,180 per ounce, as it stabilizes from a week of high volatility. It would be healthy for Gold to stay in this area for at least the next week, building a base and allowing new long-term buyers to take a position. At 11am PDT today, Gold is trading at $1,178 per ounce, unchanged from yesterday on average volume.

SILVER

Silver has traded between $14.55 and $14.80 per ounce today as it finds support and allows professionals with short-sales to cover. Silver truly got destroyed this week, dropping from $15.53 to $14.65 an ounce, down $0.88 (5.6%) in just 13 trading days. At 11am PDT today, Silver is trading at $14.65, down $0.05 for the day on normal volume.