Gold Moves Higher For The Fifth Consecutive Week

GOLD

In overnight trading the Gold price has ranged from $1,793 on the downside to $1,812 on the upside. Again, as I have stated previously, Gold is starting to build a new base above $1,800, while testing support. This is the fifth consecutive week with Gold moving higher, as Gold made its way above the key $1,800 level. At 11am PT today, Gold is trading at $1,801 per ounce, down $1 on normal volume.

SILVER

Silver, like Gold is also building a firm base below $19, the next resistance level, which is the next leg higher. Silver did rally $0.10 per ounce this morning on the news that the U.S. producer price index fell only 0.2% in June. At 11am PT today, Silver is up $0.08 per ounce, trading at $18.73 on average volume.