Silver Establishes New Trading Range

GOLD

In overnight trading, Gold reached a high of $1,917 per ounce, then we saw the normal profit taking on an interest rate increase. As the markets rolled in the US after Gold hit a low of $1,891, the buyers came back and Gold rallied back above $1,900 per ounce. At 11am PT today, Gold is trading at $1,904 per ounce, up $3 from last Friday’s close.

SILVER

Silver had a much larger trading range than Gold, trading between $27.92 to $28.69 per ounce in overnight trading. We should see Silver establish a new trading range between $28 and $29 as Gold stays below $1,930 per ounce. At 11am PT today, Silver is up $0.13 per ounce, trading at $28.03 from last Friday’s close on excellent volume.