Gold rallied and saw short-term profit taking

GOLD

Gold suffered from short-term profit taking after last week’s $22 rally. At this point, Gold needs to stay above the $1,280 support level. At 11am PST today, Gold is trading at $1,278 per ounce, down $14 on good volume.

SILVER

After last week’s rally when Silver hit a high of $17.39 per ounce, Silver sold-off with Gold this morning. Right now, Silver is trying to stay above the key $17 level. At 11am PST today, Silver is down $0.34 per ounce, trading at $16.92 on excellent volume.