This morning Gold saw a test of the support level

GOLD

This morning Gold saw a test of the $1,300 support level, reaching a low of $1,300.90 per ounce. What happened when Gold hit the lows? Well, major buyers started buying, taking the Gold price back up to $1,319 per ounce very quickly. One of the problems with buying strategically when there is a test of support level is timing. Many of the professional traders and hedge funds have changed their precious metal strategy to include computerized buying on dips. This is very healthy for the balance of the year, as we move towards the $1,400 per ounce level. At 11am PDT today, Gold is trading at $1,317 per ounce, up $9 on good volume.

SILVER

Silver has pretty much mirrored Gold’s movements today, reaching a low of $17.27 and a high of $17.61 per ounce. It appears that Silver’s current support level is around $17.20 per ounce. Silver spent most of the day trading between $17.50 and $17.60 per ounce. At 11am PDT today, Silver is up $0.15 per ounce, trading at $17.55 on respectable volume.