Gold Continues To Move Higher After Fed Reserves Statements

GOLD

Last night in Asian and European trading Gold tested the key support level of $1,950 and held. This morning Federal Reserve Chairman spoke and markets rallied, Gold reached a high of $1,973 before seeing some short-term profit-taking. At 11am PT today, Gold is up $17 per ounce, trading at $1,971 on excellent volume.

SILVER

In the face of a strong Gold market, Silver continues unsuccessfully to break above the key $23 per ounce level. Silver has traded today between $22.61 and $23.13, and see increased selling above $23 per ounce. At 11am PT today, Silver is trading at $22.90 per ounce, down $0.03 on average volume.