Gold Shows Another Round Of Base Building

GOLD

After reaching a low of $1,862 this morning in Asian/European trading, Gold came back to test the recent highs of $1,885. I believe recent Gold trading is showing another round of base building above the $1,850 long-term support level. I think the reaction to the recent vaccine news was overdone and the world financial markets are showing that in today’s correction. At 11 am PT today, Gold is up $12.50 per ounce, trading at $1,877.50 on average volume.

SILVER

Silver continues to show good support above the key $24 per ounce level after breaking down to $23.54 on Monday. This week’s consolidation above $24 is giving confidence to investors and traders. At 11 am PT today, Silver is up $0.05 per ounce, trading at $24.31 on normal volume.