Gold & Silver Reach Lows Then Rally Back

GOLD

After reaching a recent low of $1,458 per ounce in early Tuesday trading, Gold has rallied back over the key $1,500 level and closed there Wednesday, Thursday and today. I believe the Gold price is preparing for the next leg higher this month, reaching its recent high of $1,550. At 11am PT today, Gold is trading at $1,508 per ounce, down $2 on normal volume.

SILVER

Today, Silver sold off in early trading, reaching a low of $17.24 before rallying back above the key $17.50 support level. Demand is picking up every time Silver moves below $17.50, which is a bullish sign. At 11am PT today, Silver is down $0.09 per ounce, trading at $17.56 on average volume.