Gold & Silver Break Out Above Resistance Levels

GOLD

Gold moved above the key $2,350 level this morning in late European trading on excellent demand. The yellow metal is getting support from the softer U.S. retail sales data released Tuesday that boosted expectations that the Federal Reserve will cut interest rates this year.

At 11am PT today, Gold is trading at $2,356 per ounce, up $27 from Tuesday’s close.

SILVER

Silver followed Gold higher this morning, reaching a high of $30.84 before seeing light short term profit taking. Moving back above $30 per ounce is very important to Silver's short and long term price outlook.

At 11am PT today, Silver is up $1.12 per ounce from Tuesday close, trading at $30.63 per ounce.