Gold & Silver See Light Selling, But The Rally Continues

GOLD

After yesterday’s $65 rally in Gold, reaching a high of $3,380, we saw some profit-taking this morning in Asia and London. Gold reached a low of $3,332 before rallying back above $3,350 per ounce. Gold demand remains strong at $3,350 and I would like to see Gold stay around $3,350 as a key support level.

At 11am today, Gold is trading at $3,352 per ounce, down $22 on normal volume.

SILVER

Silver saw profit-taking this morning after yesterday’s $1.52 rally. Silver briefly tested the $34 per ounce level this morning, reaching $33.95 before finding good buying. Staying above the $34 per ounce level is important to the current Silver rally.

At 11am PT today, Silver is down $0.10, trading at $34.50 on excellent volume.