Traders Look Forward To Tomorrow's Inflation Forecast

GOLD

After a brief rally for the U.S. dollar today, we saw a selloff that caused the price of Gold to rally $10 per ounce. Traders are looking forward to tomorrow's meeting of the European Central Bank, which will provide their inflation forecast. At 11 am PT today, Gold is trading at $1,947 per ounce, up $10 on good volume.

SILVER

Silver held firm above $26.50 this morning, then rallied with Gold briefly breaking above the key $27 resistance level. Clearly Silver has built a firm base above $26 for the next leg higher, which is $28 per ounce. At 11 am PT today, Silver is up $0.12 per ounce, trading at $26.89 on good volume.