Gold hits above $1,350 resistance level

GOLD

Gold reached a high of $1,356 per ounce, above the key $1,350 resistance level. The sizeable demand came from Asian buyers, worried about the possibility of a Trade War with the United States. It’s important that Gold stays above the $1,350 level for the balance of the week. At 11am PDT today, Gold is up $6 per ounce, trading at $1,354 on excellent volume.

SILVER

Silver followed Gold higher in early trading, reaching $16.84 per ounce. Physical demand continues to be strong in Asian markets. As we approach the $17 per ounce level, I would expect to see short selling. At 11am PDT today, Silver is trading at $16.70, up $0.15 per ounce on good volume.