Gold Rallies On Testimony And Optimism Over Coming Stimulus Legislation

GOLD

After yesterday’s testimony from our new Treasury Secretary Janet Yellen saying she didn’t support a strong dollar, combined with the optimism over the coming $1.9 trillion COVID-19 stimulus legislation, the Gold market rallied today. After breaking back above the key $1,850 per ounce resistance level, Gold kept on moving higher, reaching a high of $1,872. At 11 am PT today, Gold is up $23 per ounce, trading at $1,865 on excellent volume.

SILVER

As Gold moved higher, Silver reached a high of $25.85 before seeing some light selling. If Gold can remain at the current level or above, Silver should quickly break the $26 level by Friday. At 11 am PT today, Silver is trading at $25.70 per ounce, up $0.50 on good volume.