Professional Traders Short-Selling Silver

GOLD

A drop in the U.S. Dollar and interest rates propelled the Gold price to reach $1,799 again this morning. After reaching that level, we saw some light short-term profit taking and short-sales. This was the third time in the past month that Gold tested the $1,800 resistance level, and I look forward to a breakthrough shortly. At 11am PT today, Gold is trading at $1,792 per ounce, up $22 on excellent volume.

SILVER

Silver rallied with Gold this morning, reaching a high of $27.07 per ounce above an important resistance level. Right now, I’m seeing professional short-selling as Silver trades at the $27 per ounce resistance level. At 11am PT today, Silver is up $0.95 per ounce, trading at $26.88 on excellent volume.