Gold And Silver Are Back On The Bullish Road Again

GOLD

In overseas trading this morning, Gold moved back above the key $5,000 level in China, India, and London. Gold saw profit-taking during U.S. trading and briefly dropped to $4,857 per ounce before rallying back above $4,900. Although Gold did reach a high of $5,092 during London trading, I think Gold needs to build a base after the recent severe correction down to $4,404. I look for Gold to trade in the $4,900 to $5,000+ range at least to the end of the week, then move higher. But any fresh news coming from the White House could start a sizeable rally.

At 11am PT today, Gold is trading at $4927.74.

SILVER

Silver took off like a rocket in overseas trading this morning, moving to $87 in China, $88 in India, and $90 in London. During U.S. trading, Silver has traded between $85 and $92 per ounce. The recent crazy volatility during Silver trading needs to calm down, and Silver needs to establish a firm trading range, hopefully at the $86 to $92 level for a while.

At 11am PT today, Silver is trading at $86.01.