Gold And Silver Continue To Move Higher

GOLD

Demand continued to be strong for many Gold products, especially in India. Gold reached a high of $3,790 per ounce this morning, before seeing some light profit-taking. A little pause in the rally and a test of the $3,700 level would be helpful at this point.

At 11am PT today, Gold is trading at $3,775 per ounce, up $29 on excellent volume.

SILVER

Silver is moving higher and holding above the $44 per ounce level. The Silver rally was much faster and on larger volume than the Gold volume, so I’m concerned about whether it can hold above $44 per ounce. It would be healthy for the long term if Silver could show some strong support above $43 per ounce for a while.

At 11am PT today, Silver is trading at $44.05, up $0.03 on excellent volume.