Looking For Gold To Break Out

GOLD

Gold tested the $1,700 per ounce support level this morning, reaching a low of $1,693 before finding bargain buyers. We now have three weeks of trading above the $1,700 level, building a base for the next leg higher. I look for a breakout to a new 2020 high within the next two weeks. At 11am PT today, Gold is trading at $1,719 per ounce, down $11 on average volume.

SILVER

Silver reached a low of $16.80 per ounce when Gold sold off this morning. Like Gold, Silver found bargain buying and quickly rallied back above the $17 per ounce level. Silver reached a high of $17.44 before seeing some short-term profit taking. At 11am PT today, Silver is up $0.19 per ounce, trading at $17.31 on good volume.