Dollar Index caused Gold to sell off

GOLD

The U.S. Dollar Index briefly broke above the 94 level (highest value since 2011) and Gold sold off from the day’s high of $1,298 per ounce. Recently, the Dollar and Gold have traded with a reverse mirror appearance. We really need to see Gold break back above $1,300 very soon to see a short-term bullish argument. At 11am PDT today, Gold is trading at $1,290 per ounce, down $3 on normal volume.

SILVER

Silver dropped on the Dollar’s strength to reach a low of $16.28 before picking up demand. For most of today, Silver has traded between $16.30 and $16.50 per ounce, under the key $16.50 level. At 11am PDT today, Silver is down $0.15 per ounce, trading at $16.45 on good volume.