Gold Consolidates While Silver Waits On Direction
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GOLD
Right now, watching Gold trade is like watching paint dry. But, in the case of Gold, that’s a good thing. This allows Gold to continue its consolidation phase, after having broken above the key $1,300 level. A break in the U.S. Dollar or some negative economic news should drive Gold above the $1,320 level shortly. At 11am PT today, Gold is trading at $1,312, up $1 per ounce on normal volume.
SILVER
Silver is continually testing the $15.60 per ounce support level and holding, and it did it again this morning. While $15.60 is support, $15.80 is resistance, as Silver waits on direction from Gold. At 11am PT today, Silver is down $0.03 per ounce, trading at $15.67 on average volume.