Gold Finally Breaks Out Above Resistance Level

GOLD

Gold finally broke out above the $1,780 resistance level this morning, reaching $1,789 before seeing light profit taking. I was hoping to see $1,800 by the end of June, but I need to settle for $1,789. June has been a good month for Gold owners, with it increasing $50 per ounce. At 11am PT today, Gold is trading at $1,783, up $16 for the day on excellent volume.

SILVER

Wow, Silver didn’t just move above $18 per ounce this morning, it reached a high of $18.35 before seeing some light shorting and profit taking. Demand for the popular Silver investment items continues to pick up as the U.S. Mint struggles to catch up with its backlog. At 11am PT today, Silver is up $0.37 per ounce, trading at $18.20 on good volume.