Gold On The Defensive This Morning

GOLD

A combination of some light short-term profit taking and a slightly stronger U.S. Dollar put Gold on the defensive this morning. Gold reached a low of $1,312 before serious buyers appeared, quickly rallying the price back to $1,316 per ounce. At 11am PT today, Gold is trading at $1,315 per ounce, down $7 on average volume.

SILVER

Silver broke down below the $15.50 support/resistance level again. Professional traders are getting rich shorting Silver above $15.50 and covering when it breaks below. At 11am PT today, Silver is down $0.12 per ounce, trading at $15.44 on normal volume.