Gold Rallies Back After Unsuccessful Bear Run

GOLD

The bears took another unsuccessful run at breaking down the Gold price below the $1,280 support level. They were able to reach a low of $1,284 before major buyers appeared. Gold quickly rallied above the $1,290 level and has stayed there for most of U.S. trading. At 11am PT today, Gold is up $2 per ounce, trading at $1,292 on excellent volume.

SILVER

Silver broke down below its important $15 per ounce support level this morning, reaching a low of $14.90. Buyers appeared at that level and the price moved back above the $15 level. At 11am PT today, Silver is down $0.04 per ounce, trading at $15.07 on good volume.