Gold Trying to Make Its Way Back Up After A Weekend Decline

GOLD

A combination of a stronger U.S. Dollar and short-term profit taking on Asian markets has put Gold on the decline today. Gold briefly broke below the key $1,950 support level, reaching a low of $1,943 before rallying back. Central Banks throughout the world have been aggressively adding liquidity in their bank systems, which is highly bullish for Gold in the long term. At 11am PT today, Gold is trading at $1,957, down $26 per ounce on strong volume.

SILVER

Like Gold, Silver also briefly broke below its key support level this morning and rallied back. Right now, $23 per ounce is an important level for Silver to maintain a bullish outlook. At 11am PT today, Silver is down $0.15 per ounce, trading $23.09 on excellent volume.