Gold & Silver Took A Breather Yesterday With Profit-Taking

GOLD

Yesterday, the Gold price opened at $5,010 per ounce, traded higher to $5,104, then saw profit-taking and made a low of $4,981. Gold ended trading yesterday back above $5,005, above the key $5,000 support level. As overseas commodity markets opened last night, Gold started moving higher. During U.S. trading this morning, Gold traded between $5,070 and $5,100 as it builds a firm base for the next leg higher.

At 11am PT today, Gold is trading at $5,087.32.

SILVER

During U.S. trading yesterday, Silver reached a high of $117.28 before seeing serious profit-taking, which drove the price down to $101.50. Silver closed at $103.45, up $2.15 for the day. Yesterday was an example of Silver’s volatility, and although the current direction is still higher, I believe we are going to see sharp corrections in the near future. During U.S. trading this morning, Silver showed constant price weakness. After reaching a high today of $113 in India, Silver traded lower in London and the U.S., reaching a low of $107 on heavy profit-taking.

At 11am PT today, Silver is trading at $108.16.