Gold And Silver Trading Above Key Support Levels

GOLD

Gold rallied this morning, reaching a high of $2,023 before seeing some light selling. The uncertainty over raising the debt ceiling is still a major bullish factor. However, concerns over our Federal Reserve not being done rising the Fed Funds rate is still a threat. Friday’s release of data showing slumping consumer sentiment have attracted haven investors to the precious metal. At 11am PDT today, Gold is trading at $2,019 per ounce, up $9 on average volume.

SILVER

Silver traded overnight in Asia and Europe above and below the key $24 resistance level. As Gold moved higher, Silver firmly moved above the $24 level. At 11am PDT today, Silver is up $0.11 per ounce, trading at $24.11 on normal volume.