Today’s Move Above $1,850 Important For The Short-Term Trend

GOLD

It appears that Gold may have bottomed out yesterday after hitting the $1,820 level. With the U.S. Dollar Index at almost a 2-year low (90.50), there has been renewed Gold buying in Europe and the U.S. Today’s move above $1,850 is very important for the short-term trend, and it’s important that Gold hold above $1,850 by week's end. At 11 am PT today, Gold is trading at $1,852 per ounce, up $23 on strong volume.

SILVER

This morning Silver followed Gold higher, breaking back above the $24 level and the way to a high of $24.60 on excellent trading volume. If Gold stays above $1,850, I look for a new trading range for Silver between $24.50 and $25 per ounce. At 11 am PT today, Silver is up $0.57 per ounce, trading at $24.52 on excellent volume.