Gold Breaks Above Key $1300 Resistance Level

GOLD

Dropping interest rates and an expanding trade war have given Gold good incentive to break above the key $1,300 per ounce resistance level. Gold reached a high of $1,307 before seeing sizeable profit taking and short selling, but the price held. What is really important is to watch if Gold can hold above $1,300 on Monday. Gold needs to find support in Asian and European markets, which is the key to a prolonged breakout. At 11am PT today, Gold is trading at $1,305 per ounce, up $16 per ounce on excellent volume.

SILVER

With Gold up $16 per ounce, Silver’s performance is disappointing. Silver did reach a high of $14.77 per ounce, but quickly sold off. At 11am PT today, Silver is up $0.06 per ounce, trading at $14.57 on good volume.