The Bears Took Another Unsuccessful Run At Gold

GOLD

The bears took another unsuccessful run at Gold’s key $1,750 level last night. This is the third and hopefully last attempt to break below that important support level. With a strong U.S. Dollar (back above 94) and interest rates moving higher, I can understand the attack on Gold’s $1,750 level, but the demand and trading volume is too strong. At 11am PT today, Gold is trading at $1,761 per ounce, down $4 on good volume.

SILVER

Since Silver has been below the $23 level, the physical demand has picked up substantially. Silver is also showing sizeable demand on commodity markets around the world. Silver traded today between $22.36 to $22.89 per ounce. At 11am PT today, Silver is up $0.05, trading at $22.73 per ounce on excellent volume.