Gold tested low end of trading range

GOLD

Gold tested the low end of its recent $1,270 to $1,300 per ounce trading range this morning, reaching $1,270 before finding bargain buying. This could be a classic clean out before the year-end rally above $1,300 per ounce. At 11am PDT today, Gold is down $9 per ounce, trading at $1,275 on excellent volume.

SILVER

Silver reacted to the Gold sell-off by hitting at low of $16.30 per ounce in Asian markets. At that point the volume and price picked up and rallied back to $16.50 per ounce. At 11am PDT today, Silver is trading at $16.46 per ounce, down $0.09 on heavy volume.