Gold & Silver Make New Highs And Close Near Lows

GOLD

What a crazy trading range we had today.

After yesterday's Produce Price Index (PPI) release Gold headed higher, reaching a high of $2,431 this morning. At that point, we finally saw serious profit-taking and Gold reached a low of $2,348 before seeing bargain hunting buyers come back into Gold.

At 11am PT today, Gold is trading at $2,355 per ounce, unchanged from yesterday on massive trading volume.

SILVER

Silver had an extraordinarily wide trading range today. After reaching a high of $29.90 per ounce in early trading, Silver closed near the lows of $28. Silver seriously needed some profit-taking and today we saw it. Now, I’m looking for a more moderate move higher.

At 11am PT today, silver is $28.10 per ounce, down only $0.07 on massive trading volume.