Support Shows In Key Levels

GOLD

The Gold price is showing excellent stability and demand above the key $1,550 per ounce level. Concerns about the effects of the coronavirus appears to be diminishing as the Chinese central bank continues to add liquidity to the financial systems. The January U.S. Jobs report is due out tomorrow morning, which should give Gold a direction. At 11am PT today, Gold is up $8 per ounce, trading at $1,566 on good volume.

SILVER

Silver found excellent buying this morning in Asia and Europe after showing firm support above the key $17.50 support level. Traders and bargain buyers became aggressive and drove the Silver price up to $17.87 before seeing short-term profit taking. At 11am PT today, Silver is trading at $17.84, up $0.20 per ounce on excellent volume.