Gold & Silver Staying Above Key Support Levels

GOLD

The Gold rally continues, especially in London, where the price reached a high of $4,150 per ounce. With the CPI due to be released on Thursday and PPI/retail Sales on Friday, I expect to see the Gold price stay strong all week based on indications that those economic reports will be negative.

At 11am PT today, Gold is up $4 per ounce, trading at $4,114 on average volume

SILVER

In overnight trading in London, the price of Silver reached a high of $51.29 per ounce before finding sellers. It’s important that Silver must stay above the key support level of $50 this week to reach a record high by year-end.

At 11am PT today, Silver is trading at $51.02 per ounce, up $0.60 on normal volume.