Gold Under Pressure As U.S. Dollar Index Moves Near 97
Gold is under pressure this morning as the U.S. Dollar Index moves near 97. This is the eighth day in the row that the Dollar has increased in value. That rally in the U.S. Dollar, versus other important world currencies, is being caused by weaker global economics. Gold traded between $1,304 and $1,314, as it builds the current base. At 11am PT today, Gold is trading at $1,309 per ounce, down $6 on average volume.
Silver has traded between $15.60 and $15.80 per ounce this morning on light volume. I think this trading range is healthy for Silver considering the strength in the U.S. Dollar and Gold being locked in a narrow range. At 11am PT today, Silver is down $0.12 per ounce, trading at $15.68 on normal volume.