Gold Tested $1,200 Support Level

GOLD

Gold tested the $1,200 support level early this morning, reaching a low of $1,197 per ounce. At that point buyers appeared and quickly moved the price higher to $1,208. Buying continued in the face of a strong U.S. Dollar and the Gold price moved higher. It may be too early to say, but today’s trading action is a good sign of a final shake out before the year-end rally. At 11am PT today, Gold is up $12, trading at $1,214 per ounce on excellent volume.

SILVER

Silver pretty much followed Gold’s trading action today, reaching an amazing low of $13.87 per ounce before starting the rally. Heavy buying took the rally to $14.19 before short-term profit taking started. At 11am PT today, Silver is trading at $14.13, up $0.13 per ounce on excellent volume.