Precious Metals Back On The Bullish Track

GOLD

After hitting a recent low of $1,494 per ounce, Gold is now back on the bullish track. The key $1,500 resistance/support level has held and Gold is now moving higher, reaching a high today of $1,508 per ounce. At 11am PT today, Gold is trading at $1,507, up $7 per ounce on excellent volume.

SILVER

Silver followed Gold lower during the past two days, reaching a low of $16.82 per ounce. At that point fresh buying combined with short-covering took the price back above $17. Demand is picking up today, with Silver reaching a high of $17.19 per ounce. At 11am PT today, Silver is up $0.25 per ounce, trading at $17.18 on excellent volume.