Gold Tests Long Term Support Level

GOLD

For the sixth time in the past three months Gold tested its long term support level last night, reaching a low of $1,863 per ounce. Gold definitely has shown excellent support above that level. Gold rallied back to $1,880 today, before developing a thin trading range. At 11 am PT today, Gold is trading at $1,873 per ounce, down $13 on average volume.

SILVER

Silver also tested its $24 support level, reaching a low of $24.17 before rallying back. Demand and premiums on the popular physical silver investment items have been increasing. At 11 am PT today, silver is down $0.25 per ounce, at $24.35 on normal volume.