Gold And Silver Rally Post British Prime Minister's Resignation

GOLD

Gold rallied, reaching a high of $1,646, after the British Prime Minister resigned during early trading. Then, Fed’s officials started talking about more rate hikes coming, causing the 10-year bill to move over 4.20%, and Gold quickly sold-off. For right now Gold is trading in a narrow trading range between $1,615 and $1,650 per ounce. At 11am PT today, Gold is up $2 per ounce, trading at $1,632 on average volume.

SILVER

Silver briefly moved over the key $19 resistance level on the Prime Minister news. Silver did reach a high of $19.09 before seeing sizeable selling. I am hoping Silver can stay in the $18.50 to $19 range over the next few days. At 11am PT today, Silver is trading at $18.70 per ounce, up $0.25 on normal volume.