GOLD

Gold is trading in a very narrow $6 high/low trading range, from $1,323 to $1,317 per ounce. I believe Gold is in a base building period, just ahead of a major move higher. At 11am PDT today, Gold is trading at $1,318 per ounce, down $3 on light volume.

SILVER

Silver tested the $16.50 support level this morning and held, reaching $16.55 per ounce before sizeable buying appeared. Right now, Silver appears to be staying in the $16.50 to $16.80 range, while also building a base for the next move to the $17 resistance level. At 11am PDT today, Silver is down $0.08 per ounce, trading at $16.64 on normal volume.