Gold And Silver Moving Back Over Support Levels

GOLD

Gold moved back above the key $1,950 support/resistance level this morning. The Commerce Department reported that personal consumption index for June has only increased 0.2%. This is a favorite inflation measure that the Federal Reserve looks carefully at when deciding on increases in the Fed Funds rate. Gold rallied to $1,964 per ounce before seeing some light selling. At 11am PT today, Gold is trading at $1,960 per ounce, up $12 on average volume.

SILVER

After testing the key $24 per ounce support level yesterday, today Silver traded in a narrow range between $24.09 and $24.47 on light volume. At 11am Today, Silver is up $0.13 per ounce on normal volume.