Gold And Silver Building A Firm Base For Next Leg Higher

GOLD

After reaching a low of $1,937 yesterday, Gold is building support and an excellent base above the key $1,950 price level. With the U.S. Dollar Index staying above 104 and 10-Year Treasuries above 3.70%, the Gold price is behaving well. At next week’s Federal Reserve meeting, June 13-14th, it is still a big question if they will raise the Fed Fund rate or leave it alone. At 11am PT today, Gold is trading at $1,964, up $6 on average volume.

SILVER

Silver continues to successfully test its $23.50 per ounce support level. Silver reached a low of $23.32 in late Asian trading before seeing bargain buying. At 11am PT today, Silver is up $0.05 per ounce, trading at $23.60 on normal volume.