Gold And Silver Testing Resistance Levels

GOLD

Gold attempted to break above the key $2,050 level this morning after the U.S. Labor Department released the April consumer price index (CPI) report today. That report showed a small increase of 0.4% for April, lower than the forecasted number, and showing a 4.9% inflation rate. At 11am PT today, Gold is trading at $2,031 per ounce, down $4 on average volume.

SILVER

Silver rallied with Gold this morning on the bullish CPI news, briefly breaking over $26 per ounce before seeing some profit taking and short-selling. Silver will break above $26, but it will happen on bullish news which would create strong demand. At 11am PT today, Silver is down $0.16 per ounce, trading at $25.50 on average volume.