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Trading volume in the U.S. is very light so far this morning but those that are trading appear to be more interested in selling at the moment as gold and silver have failed to hold $1,190.00 and $16.00 as buyers appear to be on the sidelines with all four precious metals drifting lower.
Following the surprising rally (or should nothing surprise us at this point in the world of precious metals) on Friday which has been credited to buying out of China, trading resumed yesterday with an initial move to the upside as buying was reported out of Hong Kong which again could have had its roots in China. Gold took a run at $1,200.00 before stalling at $1,197.50 while silver topped out at $16.25. Trading was holiday quiet in Europe but light selling was seen as gold and silver moved back towards their opening levels.
Trading volume in the U.S. is very light so far this morning but those that are trading appear to be more interested in selling at the moment as gold and silver have failed to hold $1,190.00 and $16.00 as buyers appear to be on the sidelines with all four precious metals drifting lower. If we do see a move worth talking about this week from current levels it will likely be a reaction to a move in crude oil which for the moment appears to be consolidating at $55.00 on the active W.T.I. contract and could be poised for a move higher which would benefit gold or it could come from a continuation of selling in the gold and silver ETF’s which were seen last week and pressured prices.
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