Silver Struggles To Stay Above Key $16 Resistance Level
Gold ended January at $1,320 up $39 (3%) in the last week. After the recent rally Gold is showing a small amount of Friday profit taking, trading in the $1,315 to $1,322 range. Next week, as we move into the Chinese New Year buying spree, the Gold price should hit new 2019 highs. At 11am PT today, Gold is trading at $1,318 per ounce, down $3 on average volume.
Silver ended January at $16.02, up $0.83 (5.4%) in the last week. Silver is having a difficult time staying above the key $16 resistance/support level today. If Silver could stay above $16 for a few trading days many of the professional commodity traders may become more bullish. At 11am PT today, Silver is down $0.21 per ounce, trading at $15.93 on good volume.