Gold Is Building A Firm Base Above The $2,900 Level

GOLD

Yesterday showed the extraordinary strength of the Gold demand and price support. At the opening of Gold trading in the U.S., Gold reacted to the Chairman Powell statement of no rush to cut interest rates and the a higher than projected January CPI inflation report. Gold almost immediately started dropping, reaching a low of $2,860 per ounce, an $85 drop from the recent high. Then, the buyers came back, the Gold price rallied and Gold closed at $2,909. Wow, it appears that right now, no negative news will hold down the Gold price.

At 11am PT today, Gold is trading at $2924, up $27.

SILVER

Yesterday, Silver followed Gold lower on the news and recovered when Gold moved back above $2,900 per ounce. Silver is having a difficult time staying above the important $32 per ounce support/resistance level.

At 11am PT today, Silver is trading at $32.29, up $0.10.