Gold Could Signal A Breakout Soon

GOLD

Gold traded today between $1,793 and $1,819 per ounce, as it continues looking for support. Staying above the key support $1,800 level is important, but moving above $1,820 signals a breakout. A breakout in the Gold price will cause professional short-sellers to cover those positions, and $1,850 will be seen quickly. At 11am PT today, Gold is trading at $1,800 per ounce, down $3 on normal volume.

SILVER

Silver traded today between $25.76 and $26.23 per ounce, as it fights to stay above the important $26 level. Silver has reached a high of $26.67 last week, so it’s disappointing to see it trade below $26. At 11am PT today, Silver is down $0.12 per ounce, trading at $25.96 on average volume.