GOLD And SILVER’s Bull Move Continues

GOLD

This morning, the Producer Price Index (PPI) was released and it rose only 0.1% in September, following August’s 0.2% increase. The latest inflation data was in line with expectations, as economists looked for a 0.1% increase, and Gold started moving higher.

In the past five trading days we have seen Gold drop below the important $2,650 price level and test the long-term support level of $2,600 per ounce. Today, Gold moved back above that key level and reached a high of $2,662 before seeing some light selling.

At 11am PT today, Gold is trading at $2,659 per ounce, up $34 on good volume.

SILVER

The Silver price started moving higher in late trading yesterday and continued this morning, reaching $31.71 before seeing some light profit-taking.

At 11am PT today, Silver is up $0.50 per ounce, trading at $31.54 on average volume.