Some Consolidation Is Good For Gold

GOLD

The Gold price is base building today, trading between $1,726 and $1,742 per ounce. After the recent correction, down to the $1,670 area, Gold can use a little consolidation before resuming its bullish run back above $1,800 per ounce. With no break in the 10-Year Treasuries rate or U.S. Dollar Index consolidation is good for Gold. At 11am PT today, Gold is trading at $1,731 per ounce, up $1 on average volume.

SILVER

Silver was hit by selling in early European trading, driving the price below the $26 support level, and reaching a low of $25.80 per ounce. The correction could have been worse if the Gold price wasn’t showing good support. Silver needs to move back above that key $26 level by the weekend to keep the traders bullish. At 11am PT today, Silver is down $0.30 per ounce, trading at $25.90 on normal volume.