Gold Reaches 3-Week High Today

GOLD

Gold is holding well above the key $1,750 resistance level today. The Personal Consumption Expenditure price index (PCE), which rose 6.8% from last year was reported today. Surprisingly, this raise didn’t have an negative effect on Gold price, as Gold reached a 3-Week high today. At 11am PT today, Gold is trading at $1,765 per ounce, up $14 on average volume.

SILVER

The Silver price moved higher with Gold this morning, breaking above the key $20 per ounce resistance level. The trading this week strongly indicates a major breakout for Silver. Staying above the key $20 level early next week for a couple days would hopefully make $20 a new floor support level. At 11am PT today, Silver is up $0.35 per ounce, trading at $20.25 on excellent volume.