GOLD

A disappointing June Consumer Price Index report showing that retail sales were unchanged caused a rally in Gold and Silver today. This lower than expected economic data is likely to damper the Federal Reserve’s ability to raise interest rates any time soon. At 11am PDT today, Gold is up $9 per ounce, trading at $1,228 on good volume.

SILVER

Silver followed Gold up on the same news, reaching a high of $16.12 per ounce before seeing heavy selling. Silver needs to close above the $16 resistance level and stay there for a few days to regain positive sentiment with traders. At 11am PDT today, Silver is up $0.16 per ounce, trading at $15.92 on fair volume.