Gold Tests Key Support Level And Bounces Back Above $3,300

GOLD

Gold tested key support above the $3,250 level this morning in Asian, Middle Eastern, and London trading. In late London trading and early U.S. trading, as recessionary indictors were coming in, Gold started moving above $3,300 per ounce. Gold demand remains strong, April numbers for Central bank buying will be at the higher level than what was anticipated. Right now, Gold is trading at the highs of the day, around the $3,337 per ounce level.

At 11am PT today, Gold is trading at $3,338 per ounce, up $42 on excellent volume.

SILVER

Silver tested support of $32.60 this morning, when Gold was in its lows. Silver rallied back above the key $33 level as Gold moved higher. As I have said numerous times, Silver needs to stay firmly above $33 to confirm it’s in a bullish trend.

At 11am PT today, Silver is up $0.03 per ounce, trading at $33.08 on normal volume.