Gold Trading In Narrow $7 High/Low Range
Gold traded today in a very narrow $7 high/low range, from a low of $1,220, right on support to a high of $1,227 per ounce. Gold didn’t get a direction from the election and is awaiting a news event or announcement for short-term motivation. The Federal Reserve will make a statement today, but I doubt that will move the markets. At 11am PT today, Gold is down $1, trading at $1,226 on light volume.
Silver couldn’t hold the $14.50 per ounce support level this morning, and dropped to $14.36 on light selling. Right now, Silver is picking up trading volume and is trying to move back above the $14.50 level. At 11am PT today, Silver is trading at $14.45 per ounce, down $0.13 on normal volume.