Gold Makes A New High Of $2,670 Before Seeing Profit-Taking

GOLD

Gold traded today between $2,650 and $2,670 per ounce, as the world markets establish a higher base for Gold after the recent rally. Today, the U.S. Department of Housing and Urban Development reports that August home sales dropped 4.7% to a seasonally adjusted annual rate of 716,000 homes, below July’s upwardly revised rate of 751,000. This report initially caused Gold to test the $2,650 level, but buying pushed the price higher.
At 11am today, Gold is trading at $2,661 per ounce, up $6 from yesterday’s close on average volume.

SILVER

Silver saw selling on Asian markets last night, reaching a low of $31.54 per ounce before finding bargain buyers. Traders are looking for Silver to move back above $32 per ounce if the Gold price stays strong.
At 11am PT today, Silver is down $0.28 per ounce, trading at $31.80 on normal volume.