Gold & Silver Back On Bullish Track

GOLD

This week is very important for our economy. On Wednesday and Thursday, we have the July CPI, Retail Sales, and Jobless claims all being released. These are all key economic indicators that the Federal Reserve values and will determine any upcoming reduction in the Fed Fund rate in September.

Gold started today with a bullish tone on Asia in anticipation of an Iranian attack on Israel. As the markets moved into the Middle East and Europe, Gold reached a high of $2,450. Then, as the commodity markets moved into the U.S., Gold reached a high of $2,467 per ounce.

At 11am PT today, Gold is trading at $2,468 per ounce, up $37 on excellent volume.

SILVER

Silver followed Gold higher, reaching a high of $28.07 in European markets. Silver saw some light selling in U.S. markets and found excellent support around $27.80 per ounce. If Gold can stay above $2,450 today, I would expect to see Silver back over $28 per ounce.

At 11am PT today, Silver is up $0.43 per ounce, trading at $27.93 on strong volume.