GOLD & SILVER Back On The Bullish Path

GOLD

The Gold price moved higher in early U.S. trading today following both a U.S. inflation report that was deemed non-problematic despite being just a bit higher than expected and an unexpected rise in weekly U.S. jobless claims. Gold reached a high of $2,630 per ounce, up $20 before seeing selling.

The U.S. Consumer Price Index for September rose 0.2%, month-on-month, compared to expectations of 0.1%, and was up 2.4% year-on-year. The August CPI report showed the index up 2.5 percent, year-on-year. The core CPI rate (minus food and energy) was up 0.3%, month-on-month.

At 11am PT today, Gold is up $15 per ounce, trading at $2,625 on average volume.

SILVER

The Silver price jumped higher on the CPI report, reaching a high of $31.26 before seeing short-term profit taking. It appears that Silver has successfully tested the key $30 support level earlier this week.

At 11am PT today, Silver is trading at $31.04, up $0.54 on strong volume.