Gold Breaks Above The Key Resistance Level $1,950 Per Ounce

GOLD

Fears that the war could expand to nearby countries, destabilizing the region, drew investors to Gold as a traditional safe haven asset. Gold moved above the $1,950 per ounce resistance level this morning, reaching a high of $1,963 before seeing selling. News that the Chinese economy grows 4.9% in the third quarter cause increase demand in Asian markets. This is all happening in the face of 16-year highs in U.S. interest rates. At 11 am PT today, Gold is trading at $1,954 per ounce, up $24 on excellent demand.

SILVER

Silver initially moved up strongly when Gold broke above $1,950, hitting the $23.41, but saw heavy profit taking at that point. Surprisingly, Silver couldn’t hold above $23 per ounce with Gold showing such strength. At 11am PT today, Silver is up $0.08 per ounce, trading at $22.93 on good volume.