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GLD and SLV Hold Up Like A Rock

The SPDR Gold Shares(NYSE:GLD) and the iShares Silver Trust(NYSE:SLV) are both holding up very well today despite the weaker stock market indexes. Lately the precious metals have been trading higher with the stock market or should I say the stock market has been trading higher with gold and silver. As of 3:00 pm EST both the GLD and the SLV are still trading in the positive displaying intra-day relative strength compared to the Dow Jones Industrial Average and the S&P 500 Index.

The GLD will have good short term intra-day resistance around the $135.00 level. The SLV will have intra-day resistance around the $24.10 level. However, should the U.S. Dollar Index break down lower gold and silver should continue to climb.