Gold Bounces Back After Testing Resistance

GOLD

Gold tested its $1,320 resistance level and immediately bounced back. I believe Gold is establishing a new trading range between $1,320 and $1,350 per ounce. When we get weakness in the U.S. Dollar, or concrete news on the U.S. – China trade deal, Gold should move higher. At 11am PT today, Gold is trading at $1,331 per ounce, up $5 on excellent volume.

SILVER

Silver is having a difficult time moving back above the key $16 per ounce level. Silver appears to be building a trading range between $15.75 and $16.00 while waiting for direction from Gold. At 11am PT today, Silver is up $0.07 per ounce, trading at $15.93 on good volume.