Gold's $1,400 Major Support Level Confirmed

GOLD

The Gold price reached a low of $1,392 in Asian trading last night, right before major buyers appeared. Whether it was Central Banks or major fund managers, there were active Gold buyers this morning. Central banks are starting to disclose June purchases, with China buying 10.7 tons of Gold in June. The article linked below expands on this topic.

	China Hoards More Gold As Central Banks Move Away from Dollar Holdings
	China's central bank has decided to once again raise its gold reserves as the country attempts to further . . . . Charleston Lim (Read More)

After two and a half weeks of Gold trading above and below the key $1,400 level, it appears we have confirmed that level as a major support area. Gold should now move above its $1,438 resistance level soon. At 11am PT today, Gold is trading at $1413 per ounce, up $14 on excellent volume.

SILVER

Silver showed increased demand last night and today, with the price moving up $0.10 per ounce.  To regain professional traders support, Silver needs to show a substantial gain when Gold breaks above the key $1,438 resistance level. At 11am PT today, Silver is up $0.11 per ounce, trading at $15.23 on good volume.