Gold Makes Second Attempt To Break Resistance Level

GOLD

Yesterday we saw the second attempt to break the $1,874 per ounce resistance level, with Gold topping out at $1,876 per ounce. Plus, during the same day, Gold made its second attempt to move below the key $1,850 support level, reaching a low of $1,849. This morning, Gold rallied back, reaching a high of $1,869, despite a stronger U.S. Dollar Index reaching a 16-month high. At 11am PT today, Gold is trading at $1,869, up $15 on excellent volume.

SILVER

Silver moved back above the key $25 level, as inflationary news continues to be released. U.S. retail sales beat expectations for October, as investors saw that as an indicator that soaring inflation isn’t yet reducing spending, even as a key consumer confidence indicator missed expectations. At 11am PT today, Silver is down $0.03 per ounce, trading at $25.18 on strong volume.