Gold & Silver Test Key Support Levels

GOLD

Gold has traded today between $2,307 and $2,333 per ounce as it sees some profit-taking from Friday’s increase. Chicago Federal Reserve President Austan Goolsbee said Friday that inflation data released last week for May was “very good” but that policymakers need to see more months like this to get to the central bank’s 2% inflation target and feel better about cutting rates.

At 11am PT today, Gold is trading at $2,316, down $16 on average volume.

SILVER

Silver tested its $29 per ounce key support level this morning and quickly saw some bargain buying. The buyers took the price above $29.20 in late European trading. Trading volume was low and demand needs to pickup to move the price higher.

At 11am PT today, Silver is down $0.16 per ounce, trading at $29.30 per ounce on normal volume.