Gold Setting Up For a Comeback as Silver Follows

GOLD

Gold is staging a comeback today on expectations that this next 75 basis-point hike will be the last one. Gold reached a low this morning during Asian trading of $1,618 per ounce, before seeing sizeable buying, driving the price up to $1,656. As I have said numerous times the $1,650 level is important for the short-term direction of the price. At 11am PT today, Gold is up $20 per ounce, trading at $1,652 on good volume.

SILVER

The Silver price moved with Gold, from a low of $18.26 to a high of $19.29 in today’s trading. Staying above the key $19 support/resistance level is key to silver’s short-term direction right now. At 11am PT today, Silver is trading at $19.15 per ounce, up $0.45 on excellent volume.