Gold is up again, rallying to a 2-month high as it tests $1,300

GOLD

Gold is up again today, rallying to a 2-month high as it continues to test $1,300. Gold has been trading near its daily highs for most of the day, with dips being viewed as buying opportunities. We are seeing some profit-taking and ideally would like to see a shaking out of the weak hands over the next few days to sustain the rally. The world’s top central bankers will be meeting in Jackson Hole, Wyoming this week. European Central Bank President Mario Draghi and Federal Reserve Chair Janet Yellen are both scheduled to speak on Friday, which will be one of the main forces driving the markets this week. At 11am PDT today, Gold is up $6, trading at $1,293 on good volume.

SILVER

Silver is holding steady today, staying above $17 for most of the day as it consolidates its gains from last week. The Silver bulls’ positions increased last week for the fourth straight week in a row. At 11am PDT today, Silver is trading at $17.10, up $0.01 on above average volume.