Gold broke above the $1,250 resistance level

GOLD

Yes, as hoped the price of Gold broke back above the key $1,250 per ounce resistance level this morning. Today is the sixth day in a row that Gold has increased, moving from $1,217 on July 13th to $1,253 today, a $36 (3%) rally. I look for Gold to hold the $1,250 level, to consolidate recent gains for the balance of July, then start moving toward $1,300 per ounce. At 11am PDT today, Gold is trading at $1,253 per ounce, up $8 on good volume.

SILVER

Silver tested the $16.50 resistance level this morning, reaching a high of $16.54, but wasn’t able to hold that level. Silver was able to find good support above $16.40 per ounce, and traded between $16.40 and $16.48. I think we will see Silver move back above $16.50 on Monday. At 11am PDT today, Silver is up $0.11 per ounce, at $16.47 per ounce on better than average volume.