Gold & Silver Continue To Build A Firm Base

GOLD

Gold sold off this morning on profit-taking following last week’s rally. Gold reached a low of $2,024 before finding buyers. Investors are looking forward to Thursday when the Fed’s favorite inflation indicator will be released. The January personal consumption expenditures will be released. At 11am PT today, Gold is trading at $2,029 per ounce, down $6 on average volume.

SILVER

Silver followed Gold lower this morning, briefly breaking below the $22.50 support level. Silver has been trading between the $22.50 to $23 per ounce levels, with resistance at $23 and support at $22.50. At 11am PT today, Silver is down $0.47 per ounce, trading at $22.50 on normal volume.