Gold Staying Above $2,700 On Light Profit-Taking

GOLD

Gold dropped $10 during this morning's trading, but is still headed for its third consecutive weekly rise. Traders and investors believe that the Federal Reserve will resume interest rate cuts this year. Gold needs to stay over $2,700 per ounce on Monday to confirm we are in a bullish trend.

At 11am PT today, Gold is trading at $2,706 per ounce, down $10 on good volume.

SILVER

Silver saw some profit-taking in Asia, Europe, and the U.S. during trading today. During the past 3 trading days, Silver has shown strong resistance at $31 per ounce, but excellent support above $30 per ounce.

At 11am PT today, Silver is down $0.47 per ounce, trading at $30.30 on excellent volume.