Gold Fails To Break $1,800 Resistance Level

GOLD

Gold saw heavy selling in Asia/European markets to reach the $1,765 per ounce support level. Yesterday’s failed attempt to break the $1,800 resistance level, encouraged many professional traders to short-sell Gold on any break below $1,780 and that is what we saw today. Most of the traders covered those short sales in the $1,765 to $1,768 area to be flat for the weekend. At 11am PT today, Gold is trading at $1,771 per ounce, down $30 on heavy volume.

SILVER

As Gold was seeing heavy selling, Silver tested the $23 per ounce resistance level and surprisingly held. Bargain buyers quickly rallied the Silver price $0.25. The Silver price held up very well today with Gold down $30 per ounce. At 11am PT today, Silver is down $0.16 per ounce, trading at $23.42 on good volume.