Gold Moved Up Sharply After U.S. Dollar Sell-Off

GOLD

This morning Gold moved up sharply, moving over the key $1,800 resistance level. A sell-off in the U.S. Dollar from multi-month highs was the key element in this rally. Another factor was that the financial markets are anticipating an extension of Federal and State stimulus programs due the spread of the delta variant. Gold reached a high of $1,807 before seeing light profit-taking by traders. At 11am PT today, Gold is trading at $1,808 per ounce, up $22 on excellent volume.

SILVER

Silver held above the key $23 level, and when Gold started its rally, Silver moved higher. Silver reached a high of $23.77 per ounce before seeing some light selling. At 11am PT today, Silver is up $0.52 per ounce, trading at $23.72 on excellent volume.