Some Stability Showing In The Precious Metal Markets

GOLD

After a crazy week of trading, I am seeing some stability in the precious metal markets this morning. Gold has been trading over and under the important $1,600 per ounce support/resistance level. Right now, Gold is finding support around $1,595 per ounce.At 11am PT today, Gold is trading at $1,593 per ounce, up $19 on good volume.

SILVER

Silver traded as low as $16.39 this morning before rallying with Gold. Silver is currently trading in the $16.70 to $16.80 area. When Gold moves back over the $1,600 level, Silver needs to move back above $17 to restore confidence in traders and investors. At 11am PT today, silver is up $0.21 per ounce, trading at $16.75 on good volume.