Gold Still Building Base For Another Attempt To Break $1,800

GOLD

After bullish information from the Fed yesterday and a State of the Union speak causing economist to figure out how high our deficit could grow, Gold rallied to over $1,790 per ounce. Then came selling in Asian and early European trading, driving the price down to $1,754 per ounce. It’s clear that Gold continues to build a base in the $1,750 to $1,800 per ounce range, getting ready for the third and final attempt to break $1800. At 11am PT today, Gold is trading at $1,768 per ounce, down $5 on average volume.

SILVER

Silver showed more volatility than Gold today, with a $1 trading range between $25.60 to $26.60 per ounce. Silver is showing excellent demand and price support right now, but I believe when Gold breaks above $1,800, the Silver price will fly above the $27 level. At 11am PT today, Silver is down $0.03 per ounce, trading at $26.03 on normal volume.