Gold And Silver Breaking Above Key Resistance Levels On Heavy Volume

GOLD

In the face of a stronger U.S. Dollar and higher interest rates Gold broke out this morning, moving above the key $1,900 resistance level. A combination of reports of massive Gold buying by central banks in September along with the continued tensions in the Middle East pushed the Gold price up to a high of $1,930 per ounce today. At 11am PT today, Gold is up an whopping $58 per ounce, trading at $1,928 on excellent volume.

SILVER

Silver rallied sharply with Gold, reaching a high of $22.92 before seeing light short-term profit-taking. Silver found heavy buying in Asian and European market at the current low level. At 11am PT today, Silver is trading at $22.76 per ounce, up $0.94 on excellent volume.