Some Bullish News For Gold

GOLD

Gold moved above the key $1,750 resistance level during Asian trading last night and kept moving higher in Europe. Gold reached a high of $1,765 as it moved from Europe to U.S. trading. The only bullish news for Gold was a report from the National Association of Realtors (NAR) stating May home sales dropped 9.7% to only 3.91 million units. At 11am PT today, Gold is up $14 per ounce, trading at $1,757 on excellent volume.

SILVER

As Gold approached its high of $1,765, Silver broke above the key $18.00 resistance level, reaching a high of $18.19 per ounce. At that point Silver we saw some short-term profit taking, but Silver held above $17.80 per ounce. At 11am PT today, Silver is trading at $17.82 per ounce, up $0.10 on good volume.