Gold & Silver Staying Above Key Resistance Levels

GOLD

After breaking the key $1,900 support level, Gold remains on the defensive. Gold reached a low of $1,856 per ounce this morning before seeing short-covering and sizeable bargain buying. The trading volume in European markets was larger then average, and it appears to be central bank buying. At 11am PT today, Gold is trading at $1,865 per ounce, down $7 on excellent volume.

SILVER

Silver initially fell with Gold, reaching a low of $22.38 per ounce when rallied on excellent volume. In the face of a lower Gold price, Silver turned higher by mid-session. At 11am PT today, Silver is up $0.03 per ounce, trading at $22.58 on strong volume.