Gold Rallied In Asia Overnight

GOLD

Gold rallied in Asia overnight, moving back above the key $1,400 per ounce resistance level. Yesterday was the third attempt to confirm if the $1,400 level was going to be a held as a support level, and today’s rally confirmed it. If Gold can stay above $1,400 during the long holiday weekend, we are off to the $1,450 level before month end. At 11am PT today, Gold is trading at $1,406, up $18 on excellent volume.

SILVER

Silver moved higher with today’s Gold rally, reaching a high of $15.32 per ounce. Silver continues to be locked into a $15.00 to $15.50 trading range as Gold moves higher causing the Silver-to-Gold ratio to move over 92-to-1. At 11am PT today, Silver is up $0.07 per ounce, trading at $15.22 on normal volume.