Today's Gold Trading Shows Excellent Base Building Indication

GOLD

Gold traded in a $10 High/Low range this morning from $1,858 to $1,868 per ounce. Today's trading is an excellent indication of base building for the next leg higher. Economic news that had little effect on the Gold price was NY Fed’s Empire State Manufacturing Index for November which climbed to 30.9 from 19.8 in October, a much larger than forecasted rise. At 11am PT today, Gold is down $2 per ounce, trading at $1869 on normal volume.

SILVER

Silver briefly broke down below the key $25 per ounce level in early European trading. As the market rolled in the US, it moved back above $25. Silver has spent most of today trading above the key $25 level. At 11am PT today, Silver is trading at $25.21 per ounce, down $0.25 on average volume.