Gold and Silver In Play Today
This morning, the major stock market indexes are all coming under pressure for the fifth consecutive week. Most leading stocks and commodities are trading lower this morning, however, precious metals are showing some very strong intra-day strength. Gold and silver are both trading higher on the trading session.
The SPDR Gold Shares(NYSE:GLD) are trading higher by 0.97 cents to $151.18 a share. There is some short term intra-day resistance for the GLD around the $151.50 area. Should the GLD trade higher the next intra-day resistance level will be around the $152.50 level.
The iShares Silver Trust(NYSE:SLV) is surging higher by 0.91 cents to $36.26 a share. There will be some minor intra-day resistance around the $36.35 area. Should the SLV trade through this resistance point the $37.00 area would be the next important resistance level on the intra-day charts.
Traders should remember that there are many problems going on around the world at this time. The precious metals are usually bought in times of uncertainty. They will often also trade higher if the U.S. Dollar Index declines or trades lower.