Pending Home Sales Gives Financial Markets Upward Direction

GOLD

A strong economic report, that U.S. pending home sales for May was up 44%, is giving the financial markets an upward direction. Gold is staying in a respectable trading range around $1,770 as it continues to build a firm base. At 11am PT today, Gold is trading at $1,770 per ounce, up $3 on average volume.

SILVER

One more time Silver moved above the key $18 level, but couldn’t hold it. I believe we need to see Gold move above $1,800 before seeing a firm move above $18 for Silver. At 11am PT today, Silver is unchanged at $17.83 on normal trading volume.