Gold And Silver Testing Support Levels

GOLD

With the U.S. Dollar Index reaching a 1 month high of 104.35, Gold is selling off. After reaching a high this week of $2,220 per ounce, today Gold reached a low of $2,158 before seeing some weekend short-covering. If Gold can stay in the $2,150 to $2,200 trading range next week it would be excellent consolidation for the next break above $2,200 per ounce.

At 11am PT today, Gold is trading at $2,160 per ounce, down $20 on average volume.

SILVER

Today, Silver followed Gold up and down, briefly moving above the $25 level before seeing weekend profit-taking. Next week, with a stronger Gold market, Silver should move back above the $25 level.

At 11am PT today, Silver is down $0.12 per ounce, at $24.67 on normal volume.