Gold And Silver Moving Higher On Good Demand

GOLD

Gold tested the key $2,500 support level this morning, reaching a low of $2,496 before finding support. This was the third attempt to break this key level and Gold’s price consolidation and base building continues to look strong. Gold is showing good demand in Asia and Europe above $2,500, partly due to a weaker U.S. Dollar Index.
At 11am PT today, Gold is trading $2.510 per ounce, up $7 per ounce.

SILVER

Silver is showing excellent support above $29 per ounce, with fresh buying of futures contracts and physical metal. If Gold stays above $2,500 and starts moving higher, I would expect to see Silver test the key $30 per ounce level.
At 11am PT today, Silver is up $0.12 per ounce at $29.40 on excellent volume.