Precious Metals Gaining Value While Most Financial Markets Are Down

GOLD

With most financial markets being highly volatile, the Gold price showed good consolidation trading between $1,835 and $1,845 per ounce in European trading this morning. However, right after the opening in U.S. trading, strong buying appeared, taking the price above the $1,850 resistance level. At 11am PT today, Gold is trading at $1855, up $10 from yesterday.

SILVER

Silver looks to have developed good support above $23.50 with resistance at the $24 per ounce level. However, when Gold moved above $1,850, Silver started moving upward towards the $24 level. At 11am PT today, Silver is trading at $24.04, up $0.07 from yesterday.