Gold Breaks $1,250 Resistance Level

GOLD

It appears the Federal Reserve statement of slowing down interest rate increases next year was bullish for Gold in Asian and European markets. Plus, with the U.S. Dollar down, market down, and a possible U.S. Government shutoff looming, it’s no surprise to see Gold up. With Gold going past $1,260 per ounce in early Asian trading as the U.S. Dollar Index broke below 96, we are now over the important 200-Day moving average, and indicator traders follow closely. At 11am PT today, Gold is trading at $1,265 per ounce, up $20 on very strong volume.

SILVER

Silver followed Gold higher this morning, reaching at high of $14.92 before seeing light selling. While $1,250 is an important resistance level for Gold, $15 is an equally important for Silver. At 11am PT, Silver is up $0.22, trading at $14.84 per once on normal volume.