Gold has traded in a narrow range for most of the morning

GOLD

Most of this morning Gold has traded in a very narrow $8 high/low range, with spot Gold trading between $1,280 to $1,272. Gold appears to be consolidating above the $1,270 level. In late trading, Gold moved back above the key $1,280 on excellent volume. At 11am PDT today, Gold is trading at $1,280.50 per ounce, up $0.50 on excellent volume.

SILVER

With today’s early morning weakness in Gold, Silver finally broke down below $17 per ounce, reaching a low of $16.83. At that level bargain buyers appeared, taking the price back above the $17 resistance/support level. At 11am PDT today, Silver is up $0.06 per ounce, trading at $17.08 on excellent volume.