Gold And Silver Moving Higher

GOLD

Gold had a large trading range today, from $1,942 per ounce to $1,971. Gold started this rally on a drop in the U.S. Dollar index. According to economists polled by Reuters, the Fed will not raise interest rates for the first time in more than a year at its June 13-14 meeting. Gold, moving back above the key $1,950 per ounce support level, is a bullish factor for the short-term direction of the Gold price. At 11am PT today, Gold is up $20 per ounce at $1,964 on average volume.

SILVER

Silver rallied from the opening on heavy buying, reaching a high of $24.44. Breaking back above the $24 level is very bullish, as Silver has spent the past three weeks below that level. At 11am PT today, Silver is up $0.80 at $24.27 on excellent volume.