Back On The Bullish Track

GOLD

After last week’s extraordinary volatility in the Gold price, we are back on the bullish track today. To stimulate the economy the Federal Reserve announced today an emergency interest rate cut, which drove up precious metal prices. Gold broke above the $1,600 resistance level and reached $1,650 before seeing some light selling. At 11am PT today, Gold is up $53 per ounce, trading at $1,646 on excellent volume.

SILVER

Silver quickly moved with the Gold price, breaking above the $17 per ounce resistance level. Silver reached a high of $17.40 before seeing short-term profit selling. At 11am PT today, Silver is trading at $17.28, up $0.52 per ounce on excellent volume.