Long Overdue Rally Shows After Weekend Lows

GOLD

Over the weekend Gold reached a low of $1,848 per ounce in Asian trading before seeing the long overdue rally. As Gold trading rolled into Europe the price of Gold broke above $1,850 and $1,860 with solid demand. By the time Gold trading started in the U.S. we saw a weaker U.S. dollar and Gold moved above $1,870 per ounce. At 11 am PT Today, Gold is trading at $1,878, up $13 per ounce on excellent volume.

SILVER

As Gold moved over into Asian trading, Silver reached a low of $22.48 before rallying with the Gold price. The $23 level is key to Silver support, as the price is currently trading above. At 11 am PT today, Silver is up $0.48 per ounce, trading at $23.48 on good volume.