Gold And Silver Moving Above Resistance Levels

GOLD

This morning the U.S. Labor Department released the results of the March Producer Price Index (PPI) which rose 0.2% last month after February’s 0.6% increase. This inflation data was cooler than expected as economists looked for a 0.3% increase. The report also showed that in the last 12 months, headline inflation rose 2.1%, also below expectations for a 2.2% reading. Gold moved higher on this news after trading around $2,330 per ounce. As we moved towards the close, Gold moved above the $2,350 per ounce resistance level.

At 11am PT today, Gold is up $18 per ounce, trading at $2,355 on excellent volume.

SILVER

Silver has been trading above and below the key $28 per ounce level with a range of $27.75 and $28.25 per ounce. Silver followed Gold higher as the market moved towards the close.

At 11am PT today, Silver is up $0.10 per ounce, trading at $28.17 on good volume.