Gold Shows Signs Of Strength

GOLD

On fresh buying Gold hit a high today of $1,233 per ounce, before seeing some short-term profit taking. Today’s rally is in the face of a strong equity market and U.S. Dollar, which is a excellent sign of continued strength. Gold staying above the key $1,220 level is excellent, and the next important short-term level is $1,237. At 11am PDT today, Gold is trading at $1,227 per ounce, up $1 on excellent volume.

SILVER

Silver hit a high of $14.87 before seeing selling today. Silver found excellent support above $14.60. With Gold above $1,220 per ounce, Silver needs to move back above the $15 per ounce resistance level to become bullish to professional traders. At 11am PDT today, Silver is up $0.02 per ounce, trading at $14.70 on normal volume.