Gold Breaks Back Above Key On Election Day

GOLD

Election Day, and Gold breaks back above the key $1,900 per ounce support/resistance level. Most of the credit for Gold’s breakout is due to the U.S. dollar, which moved below the 94 level this morning. The U.S. Dollar Index is currently trading at 93.53. I look forward to watching how the precious metal markets will trade during the next few days, it could be exciting. At 11 am PT today, Gold is trading at $1,908 per ounce, up $16 on nice volume.

SILVER

As Gold moved higher this morning, Silver broke above the key $24 per ounce level. Silver reached a high of $24.51 before seeing some light short-term profit-taking. At 11 am PT today, Silver is up $0.25 per ounce, trading at $24.16 on good volume.