Gold Continues Breakout & Silver Follows
The Gold breakout continues, as Gold hits a high of $1,311 per ounce in late U.S. trading. Demand and trading volume have grown, as many short sellers are covering and taking their loss. Gold should see $1,320 fairly quickly and hopefully some consolidation above $1,300 per ounce right after. At 11am PT today, Gold is up $7 per ounce, trading at $1,310 on excellent volume.
Silver followed Gold higher, reaching at high of $15.88 per ounce before seeing some light short-term profit taking. If Gold stays in the current range, it would be very bullish for Silver to break above the $16 level. At 11am PT today, Silver is trading at $15.83 per ounce, up $0.09 on nice volume.