Daily Market Report

After a strong close on Friday, Gold has been moving higher since the open of trading . . . .

With interest rates for the 10-year treasury moving to a 3-year high of over 1.92%, Gold was on the defensive . . . .

This sell-off occurred when 10-year U.S. interest rates spiked to 2 year high, over 1.84% . . . . Barry Stuppler

With the U.S. Dollar Index dropping below 96, and 10-year Interest rates moving under 1.75%, Gold had nowhere to go but higher . . . . Barry Stuppler

U.S. interest rates and the U.S. Dollar Index are trading at unchanged levels today, so Gold moved back above $1,800 per ounce . . . . Barry Stuppler

The U.S. Dollar Index sold off to under 97 today, as Gold briefly moved above the key $1,800 . . . . Barry Stuppler

The U.S. Dollar Index soared to a 1 ½ year high this morning of 97.40 . . . . Barry Stuppler

Yesterday’s statement of “Double tightening refers to monetary policy where the balance sheet run-off occurs at the same time as hiking interest rates” by Fed Chairman Powell caused a sell-off in precious metals . . . . Barry Stuppler

Silver is showing more price support than Gold today, with strong demand above the key $23.50 level . . . . Barry Stuppler

With most financial markets being highly volatile, the Gold price showed good consolidation trading between $1,835 and $1,845 . . . . Barry Stuppler