Gold Moves Over $1,320 Resistance Level

GOLD

YES, after three weeks of consolidation, Gold has moved over the key $1,320 per ounce resistance level. We should see confirmation on this move in Asia, Middle-East and Europe by Tuesday trading. After our President’s Day holiday, I would like to see our markets open over $1,320, and then on to $1,350. At 11am PT Today, Gold is trading at $1,320.50 per ounce, up $8.50 on average volume.

SILVER

Silver followed Gold higher, reaching a high of $15.80 per ounce, before seeing some light short-term profit taking. When Gold confirms its breakout above $1,320 next week, Silver needs to move above $16 per ounce. At 11am PT today, Silver is trading at $15.75, up $0.15 per ounce on normal volume.