Gold And Silver Test Key Support Levels And Rally

GOLD

Gold appears to be settling in above the $3,200 level. Gold traded last night between $3,200 and $3,250 with excellent price support and good trading volume. I expect to see Gold slowly work its way back up to $3,300 and $3,500 soon. Moody’s lowering the rating on U.S. Debt and a low U.S. Dollar contributed to the strength of the Gold price today.

At 11am PT Today, Gold is trading at $3,227 per ounce, up $39 on excellent volume.

SILVER

Silver, like Gold, is consolidating, trading above the $32 per ounce level. During overseas trading last night, Silver traded between $32.19 and $32.70 with excellent trading volume.

At 11am PT today, Silver is up $0.10, trading $32.35 per ounce.