Gold Hits New High And Is Seeing Some Profit Taking

GOLD

Gold reached a new high of $3,055.80 on Federal Reserve Chairman’s remarks yesterday about two more interest rate reductions later this year. Today, we saw initial claims for unemployment benefits rise to a seasonally adjusted 223,000, which was slightly below expectations. Gold sold off on this news, reaching a low $3,022 per ounce before bouncing back on heavy buying.

At 11am PT today, Gold is trading at $3,039, up $3 on average volume.

SILVER

Silver is having a difficult time staying over $34 per ounce. Early this morning, Silver reached a low of $32.92 per ounce before moving back over $33. As long as Gold stays bullish, Silver should see the $34 level again.

At 11am PT today, Silver is down $0.26, trading at $33.41 on normal volume.