Gold Continuing Consolidation Phase

GOLD

Gold reached a high of $1,566 per ounce over the holiday weekend before seeing short-term profit taking in European trading this morning. It appears that Gold is continuing its consolidation phase, trading above the key $1,550 level. At 11am PT today, Gold is trading at $1,559, down $1 on good volume.

SILVER

Silver also rallied over the holiday, reaching $18.12 per ounce. But as we rolled into this morning trading Silver sold off, hitting $17.60 per ounce before finding buyers. If Silver can’t move back above $18, especially with Gold above $1,550, it could give it a negative short-term direction. At 11am PT today, Silver is down $0.21 per ounce, trading at $17.85 on good volume.