Gold Testing $1,200 Level Again

GOLD

Gold did test the important $1,200 per ounce support level this morning, reaching a low of $1,201.40 before seeing serious buying. I would like to see another test tomorrow and if it can hold, I believe next week we would see a rally. At 11am PDT today, Gold is trading at $1,203 per ounce, down $4 on average volume.

SILVER

Silver has spent most of the day in the $14.13 to $14.35 per ounce price range. The Silver Institute just published an interesting article called “China to continue driving Global Silver Market” that is worth reading. At 11am PDT today, Silver is down $0.06 per ounce, trading at $14.20 on normal volume.