Gold Tests Key $2,050 Resistance Level

GOLD

Gold briefly broke above the key $2,050 level this morning, reaching $2,051.40 before seeing short-term profit taking and professional short-selling. Moving back above $2,050 per ounce, and staying there for a couple days would be very bullish for the short-term direction of the Gold price. At 11am PT today, Gold is trading at $2,044 per ounce, up $12 on strong volume.

SILVER

Silver bottomed out this morning, reaching $22.25 per ounce before seeing massive bargain buying driving the price above $20,50 per ounce. Silver is not following Gold higher, disappointing but Gold continues to be the most bullish precious metal. At 11am PT today, Silver is trading at $22.65 per ounce, up $0.20 on good volume.