Gold & Silver Breakout Above Resistance Levels

GOLD

After the Fed’s preferred measure of inflation, the Personal Consumption Expenditures Price Index was released. Economists’ expectations were 2.4%. Gold jumped $20 and kept on moving higher on the news. The fall from December’s rate of 2.6% boosted optimism that the Fed will cut rates from their current 23-year highs around the middle of this year. Gold has easily moved above its $2,050 and $2,065 resistance levels and is moving toward the $2,100 level. At 11am PT today, Gold is up $42 per ounce, trading at $2,086 on excellent Friday volume.

SILVER

The Silver price moved with the Gold increase, breaking above the $23 resistance and continued until reaching $23.22 per ounce. The strongest demand for physical investment coins and bars that I’ve seen in a month. At 11am PT today, Silver is trading at $23.25 per ounce, up $0.60 on excellent volume.