Gold Finds Massive Buying Interest Below Key $1,950 Support Level

GOLD

Gold reached a high of $1,973 in early morning trading, then sold off to $1,946 per ounce on heavy profit-taking. Gold found massive buying interest below the key $1,950 support level and quickly bounced back. It appears that Gold’s base is moving higher, two weeks ago it was $1,900 and now it showing excellent support at $1,950.
This is very healthy for both the short- and long-term price of Gold. Like I have said numerous times, this year’s move to $2,200 per ounce will take time if it is going to be the base for next year’s move to $3,000. At 11 am PT today, Gold is up $3 per ounce, trading at $1,957 on excellent volume.

SILVER

Silver appears to be trying to establish $27 per ounce as its support level. Silver briefly traded before this morning when Gold sold off but stayed above $27 most of the day. At 11 am PT today, Silver is trading at $27.24 per ounce, up $0.04 on good volume.