Gold breached $920 per ounce during the session, considered to be a strong resistance level ,as a weaker dollar and a wider U. S. trade gap prompted fund buying. It ended the day above $920 at $924.7. Silver edged higher gaining $0.326 and ending the day at $14.204 on COMEX.

The dollar sank to a four-month low against the euro as growing optimism about the global economy boosted investors' risk appetite and curbed demand for the U. S. currency as a safe haven.

The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings stood at 1,104.09 tonnes as of May 12, unchanged since May 6.

Gold: Due to weaker dollar, Gold is likely to trade up during the day. Despite sluggish physical demand and no further buying by Gold ETF’s ,prices are still moving up . Crude oil prices are up by more than 75% after making a low of $32.80/barrel and this is sparking some inflationary concerns across the globe which is also supporting Gold prices.

Gold: Gold has gone up significantly in the previous session, maintaining the Short-term upward trend. The previous Filled Candle gives positive sign for today’s trading Session. However, the earlier high of 14800 can act as a resistance for today’s session. Thus traders can remain positive in Gold, within the range of
14550-14800, keeping resistance level of 14800 in mind.

Silver: Silver has moved up sharply in previous session, proportionately higher than the Gold. Thus, Silver looks bullish over Gold. Silver managed to breached all the earlier resistance around 23000, and gave a high 23138. Thus ,we can remain long in Silver at every dip between 22700-22900.