Gold rallied on N. Korea news and USD drop
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GOLD
Gold hit a high of $1,334 per ounce on news of the North Korean missile launch and a major drop in the U.S. Dollar’s value in overnight trading. After this rally, we saw short-term and weekend profit-taking, driving the price down to the $1,320 per ounce support level. At 11am PDT today, Gold is trading at $1,322 per ounce, down $7 on normal volume.
SILVER
Silver rallied and fell with Gold, reaching a high of $17.86 and a low of $17.57. Silver continues to consolidate recent gains while building a base for the next attempt to break above the key $18 per ounce resistance level. At 11am PDT today, Silver is down $0.15 per ounce, trading at $17.64 on average volume.