Gold Develops New Short-Term Trade Range
Gold seems to have developed a new short-term trading range between $1,280 and $1,290 per ounce. This is great consolidation after the recent move up from $1,240 per ounce, and building an excellent base for the next move to the $1,300 resistance level. At 11am PT today, Gold is trading at $1,285 per ounce, down $5 on average volume.
Silver sold off in early trading reaching the $15.50 support level, then rallied up with Gold. Silver did reach a recent high of $15.96, with its first attempt to break the important $16 resistance level. At 11am PT Today, Silver is down $0.05 per ounce, trading at $15.64 on normal volume.