Gold Is Back On Track

GOLD

After breaking below the key $1,700 per ounce support level yesterday, Gold bounced back today on excellent demand. A key factor that helped Gold’s rally was that the U.S. Dollar Index dropped again for the fifth straight day. The overnight breakdown of the Gold price could signal a final clean out before the next rally higher. Gold is definitely back on track. At 11am PT today, Gold is up $18.50 per ounce, trading at$1,720.50 on excellent volume.

SILVER

Silver found great support after reaching a low of $17.45 per ounce yesterday. After rallying over $3.50 per ounce in May, it’s good to see Silver test support above the key $17 per ounce level. At 11am PT today, Silver is up $0.10 per ounce, trading at $17.85 on excellent volume.