Silver Drops Below $28 Resistance Level

GOLD

After reaching a high of $1,913 per ounce yesterday, Gold sold off on heavy profit taking late yesterday and this morning. Gold reached a low of $1,887 before seeing major buyers step back into the market. As we approach this holiday weekend, I believe we will see the Gold price consolidation around the $1,900 level. At 11am PT Today, Gold is trading at $1,896, up $4 on normal volume.

SILVER

Silver has moved back below the $28 level, as it builds a firm base for the next rally higher. This morning Silver traded between $27.52 to $27.97 per ounce, with active trading. At 11am PT today, Silver is trading at $27.82 per ounce, up $0.15 on average volume.