Gold Looking To Break Above $1,250 Resistance Level

GOLD

Gold is trading in a $6 High/Low area between $1,244 and $1,250 per ounce. If the Fed doesn’t raise interest rates tomorrow, Gold should breakout above the $1,250 resistance level. That breakout could be $10 to $15 per ounce, making the $1,250 an important support level. At 11am PT today, Gold is trading at $1,249 per ounce, up $2 on excellent volume.

SILVER

Silver isn’t following Gold higher today. Silver appears to be locked into a tight trading range between $14.56 and $14.68 per ounce. If Gold breaks out tomorrow, Silver needs to break the $14.75 level to stay bullish with traders. At 11am PT today, Silver is down $0.04 per ounce, trading at $14.64 on normal volume.