Gold Continues Its Rally, Reaching $1,867

GOLD

Gold continued its rally today, reaching a high of $1,867 per ounce before seeing light selling. Gold broke above the key $1,834 level earlier this week and moved to the $1,850 level. Last night it moved above the $1,850 level to reach its recent high of $1,867. I would like to see Gold trading for a short term between $1,850 and $1,867 before moving to the next short-term resistance level of $1,874 per ounce. At 11am PT today, Gold is trading at $1,865 per ounce, up $15 per ounce on solid volume.

SILVER

Silver is looking great, firmly breaking the long-term $25 per ounce resistance level on excellent volume. Silver is moving up faster than Gold, reaching a high of $25.34 earlier this morning on fresh demand. At 11am PT today, Silver is trading at $25.34, up $0.63 on excellent volume.