Gold Rally Establishing New Trading Range

GOLD

As the U.S. Dollar Index has a difficult time breaking above the 97 resistance level, Gold has rallied. Gold continued its run this morning moving above the $1,340 level, before seeing light selling. The $1,350 level is Gold’s next resistance level. I see Gold establishing a new trading range between $1,320 to $1,350 per ounce for a while. At 11am PT today, Gold is trading at $1,340 per ounce, up $19.50 from Friday on excellent volume.

SILVER

It took Gold moving above $1,340 per ounce to get Silver to test the $16 per ounce resistance level. Silver reached $15.98 before seeing some short-term profit taking. I can’t emphasize enough how important breaking above the $16 resistance level is for the short and long-term direction of silver. At 11am PT today, silver is up $0.20 per ounce, trading at $15.95 on excellent volume.

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