Gold & Silver Staying Above Key Support Levels

GOLD

Gold traded in late U.S. session of Feb. 6th and this morning’s sessions in Asia and London between $2,851 and $2,874. Gold is showing excellent price support and holding above the key $2,850 per ounce level. This level is important to both the short and long term direction of the Gold price.

At 11am PT today, Gold is trading at $2861, up $11 from Thursday.

SILVER

Silver tested the $32 per ounce support level this morning, reaching a low of $31.92 before rallying back. With Gold’s current strength, I expect to see Silver hold above the $32 level, building a firm base for the next move higher.

At 11am PT today, Silver is trading at $31.86, down $0.37.