Gold Base Building Continues In Face Of A Stronger Dollar Index

GOLD

Gold is continuing to build a base above $1,500 per ounce today, in the face of a stronger U.S. Dollar Index. I believe this week’s activity in the Gold market around the world is very healthy for the short and long-term Gold price. I think we will be seeing Gold break above the recent $1,550 high by early October if not sooner. At 11am PT today, Gold is trading at $1,508, up $7 per ounce on good volume.

SILVER

Silver is trading below the $18 per ounce resistance level today, but has found support above the $17.60 level. Right now Silver is taking its price direction from the Gold market, so when Gold breaks out Silver will go with it. At 11am PT today, Silver is up $0.02, trading at $17.86 on normal volume.