Gold And Silver Making Their Way Back Up The Markets

GOLD

This morning Gold bottomed out before the U.S. Commerce Department released the January durable goods data, showing a drop of 4.5% from December’s numbers. This was the first disinflationary news we have seen in a while; Gold was trading at $1,807 and then quickly rallied to $1,821 after the announcement, but couldn’t hold the rally. At 11am PT today, Gold is trading at $1,820 per ounce, up $8 on strong volume.

SILVER

Silver rallied with Gold on the durable goods data news, but saw a lot of resistance as it approached the key $21 level. It’s important to see Silver back above $21 per ounce soon, to restore trader’s bullish mindset. At 11am PT today, Silver is down $0.10 per ounce, trading at $20.75 on excellent volume.