Gold And Silver Building An Excellent Base At Higher Levels

GOLD

Friday’s $60 increase in the Gold price came mostly in London and the U.S. So, when trading started in Asian markets this morning there was some profit-taking, which took the price down to $1,908. Seeing some short-term profit taking this morning is not surprising. Gold did rally back to above $1,921 by the close in London. At 11am PT today, Gold is trading at $1919 per ounce, down $11 on average volume.

SILVER

Silver saw the same selling as Gold on Asian markets this morning, reaching a low of $22.46 before turning north later in the day. Silver needs to build a strong base above $22.50 before moving on to the key $23 level. At 11am PT today, Silver is down $0.16 per ounce, trading at $22.60 on good volume.