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Gold And Silver On The Move, Watch These Resistance Levels

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May 16, 2011 – Comments (0)

Gold is trading higher seven points this morning  to $1500.00 an ounce. The SPDR Gold Shares (NYSE:GLD) are trading higher by 0.80 cents to $146.43 a share. Short term traders must watch for short term intra-day resistance around the $146.66 area. Should the GLD trade through that level the next intra-day resistance area will be around the $147.25 level.

Silver has also bounced higher this morning as the U.S. Dollar Index has declined lower. The iShares Silver Trust started the day trading around the $33.70 level. Since the U.S. Dollar Index has plunged lower the SLV has traded sharply higher and is now positive on the session trading at $34.40 a share. Short term traders should watch for resistance around the $34.70 area. Should the SLV trade higher later in the session traders must watch the $35.25 area as the next important intra-day resistance level.


Nicholas Santiago
InTheMoneyStocks.com

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