Gold & Silver Building A Firm Base For Next Leg Higher

GOLD

Gold dropped to $2,372 late Tuesday after Federal Reserve Chairman Jerome Powell indicated it was unlikely that the central bank would cut interest rates anytime soon. Gold traded last night and this morning between $2,372 and $2,395 per ounce. Demand continues to be strong in both futures and physical markets around the globe. The move above $2,400 could come sooner then expected.

At 11am PT today, Gold is trading at $2376, down $9 per ounce on strong volume.

SILVER

Silver tested the $28 per ounce support level again and held on excellent trading volume. A move above $29 is likely to come very soon.

At 11am PT today, Silver is up $0.27, trading at $28.52 per ounce.