Gold Attempts To Break Below $1,800 For The Third Time

GOLD

As the U.S. Dollar Index rallied, Gold made its third attempt to break below the key $1,800 per ounce resistance level. After reaching a high of $1,835 last week, Gold has unsuccessfully tried to break the key $1,800 level three times and rally back. A rally moving the price above $1,835 would be highly bullish for the short-term direction of Gold. At 11am PT today, Gold is trading at $1,806 per ounce, up $4 on average volume.

SILVER

Surprisingly, Silver actually reached a high of $25.50 this morning, while Gold was trading under $1,800. This shows serious strength in the Silver price and it could lead the way higher for all precious metals in the near future. Silver still needs to break back above the $26 level to impress the professional commodity traders. At 11am PT today, Silver is up $0.20 per ounce, trading at $25.42 on nice volume.