Gold Really Wants To Breakout Of The Current Range
Gold really wants to breakout of the current range to the upside. Gold reached a high of $1,243.50 per ounce before seeing short-term profit taking. Today’s rally is in the face of a higher U.S. Dollar Index, above 96.50. At 11am PDT today, Gold is trading at $1,234 per ounce, up $3.50 on good volume.
Silver continues to trade in a narrow high/low range from $14.50 to $14.80. There is a lack of strong support at the higher end of the trading range. The Silver/Gold ratio is now over 84-to-1. At 11am PDT today, Silver is up $0.02 per ounce, trading at $14.67 on light volume.