Gold Moves Higher On ECB Interest Rate Cuts

GOLD

Gold moved higher this morning after the European Central Bank (ECB) cut eurozone interest rates and delivered a batch of measures intended to boost the region’s sluggish economy. After the ECB announcement Gold broke out above the key $1,500 resistance level and quickly moved to a high of $1,523, before seeing sellers. At 11am PT today, Gold is trading at $1,501 per ounce, up $5 on excellent volume.

SILVER

Silver followed Gold’s breakout, reaching a high of $18.40 per ounce in early trading this morning. After its recent major rally, Silver has been finding support above the key $18 level this week. At 11am PT Today, Silver is unchanged at $18.10 per ounce on normal volume.