Gold Getting Ready For A Breakout Above $2,050 Next Week

GOLD

After 2-weeks of declining Gold could end this week on a more positive note. With the U.S. Dollar dropping below 104, the lowest level for the past 2-weeks, Gold, priced in U.S. Dollars, has moved higher today. Concerns about the wars in the Mideast and Ukraine continue to cause heavy demand for the best safe haven investment available. At 11am PT today, Gold is trading at $2,040 per ounce, up $18 on good volume.

SILVER

Even with a Gold up $18 today, Silver is still finding it difficult to move back over the key $23 price level. Silver tested support this morning, reaching $22.52 before rallying with Gold. Demand is good, but many commodity traders feel that shorting Silver at $23 is a good move. At 11am PT today, Silver is up $0.15 per ounce, trading at $22.97 on average volume.