Gold Briefly Tests $1,800 Per Ounce

GOLD

Gold briefly tested the $1,800 per ounce support level this morning, reaching a low of $1,797 before quickly rallying back. Many professional commodity traders are buying Gold under $1,805 and selling it in the $1,830 area and are making money. They use close stop-loss orders to protect them, but it was a profitable trade in July. When Gold firmly moves above the $1,830 level, they will stop trading, close any short-sales and wait for another opportunity. At 11am PT today, Gold is trading at $1,805, down $8 on average volume.

SILVER

Silver didn’t break the key $25 level when Gold was $1,797 per ounce. That is a good sign, which shows excellent support for Silver above $25. At 11am PT today, Silver is down $0.21 per ounce, trading at $25.26 on normal volume.