Professional Buyers Move Gold A Little Higher

GOLD

New buying out of Europe has taken the Gold price back above the key $1,900 per ounce support/resistance level. As trading rolled into the U.S. the price moved a little higher on professional buying. This is in the face of a strong U.S. Dollar Index. Like I have said earlier this week, any break over $1,900 needs to close there for a few days to confirm the recent correction is over. At 11 am PT today, Gold is trading at $1,908, up $14 on excellent volume.

SILVER

Silver quickly moved back above $24 (reaching $24.29) when Gold broke above $1,900 this morning, but couldn’t hold. That important $24 resistance/support level is difficult for Silver to stay above. As Gold continues to move higher, Silver should make a strong move above $24. At 11 am PT today, Silver is up $0.38 per ounce, trading at $23.98 on good volume.