Gold Price Driven Down By Strong U.S. Dollar & Higher Interest Rates
Gold rallied to $1,312.50, then was hit with short-term profit taking and a strong U.S. Dollar and higher interest rates. These combined to drive the Gold price down to $1,292 per ounce. Bargain buyers showed up at the lows and rallied the price $5. At 11am PT today, Gold is trading at $1,297 per ounce, down $12 on normal volume.
Silver moved lower with Gold, reaching $15.09 per ounce before strong buying came in. The $15 support level is key to the short-term direction of the Silver price. At 11am PT today, Silver is down $0.29 per ounce, trading at $15.19 on good volume.