Gold has traded in a narrow range all day

GOLD

Gold has traded in a narrow $7 High/Low range all day, between $1,297.50 and $1,290.50 per ounce. The U.S. Dollar and interest rates appear to be in holding pattern, giving no direction to the Gold price. At 11am PST today, Gold is trading at $1,295, up $1 per ounce on average volume.

SILVER

In the face of Gold holding in a tight trading range, Silver sold-off this morning, reaching a low of $16.78 per ounce. If Silver doesn’t move back above the key $17 per ounce level when Gold breaks above the $1,300 level, that would be very bearish for Silver. At 11am PST today, Silver is down $0.20 per ounce, trading at $16.85 on good volume.