Gold Breaks Above The $1,850 Resistance Level

GOLD

Gold broke above the $1,850 resistance level last night in Asian trading and kept on moving higher, reaching a high of $1,872 per ounce. A combination of a weaker U.S. dollar and Congress coming closer to agreeing on the next trillion-dollar COVID-19 stimulus legislation is causing strong demand for both Gold/Silver. Also, the U.S. closing the Chinese consulate in Houston, Texas has stepped up tensions between the U.S. and China. At 11am PT today, Gold is up $21 per ounce, trading at $1,863 on excellent volume.

SILVER

The Silver price continues to explode higher on extraordinarily high trading volume (182,000 – five-thousand-ounce Silver contracts). The price has moved up $3 since Monday as short-sellers run for cover. At 11am PT today, Silver is trading at $22.68 per ounce, up $1.50 on extraordinary volume.