Major Sell-Off In The Financial Markets Today

GOLD

This morning both U.S. interest rates and the Dollar continued to rally higher. A 5% increase in the U.S. 10-Year Treasury interest rate, taking it to over 3.35% has caused a major sell-off in the financial markets. Equities, Bonds and Bitcoin sold-off sharply, and the Gold price reached a low of $1,820, a key support level. A rally to 1.05 for the U.S. Dollar index also fueled the down move in financials and the Gold price. I would expect to see strong support for the Gold price in the $1,820 level. At 11am PT today, gold is trading at $1,830 per ounce, down $40 per ounce.

SILVER

Silver followed the Gold price lower this morning. Based on the sharp increase in interest rates and the U.S. Dollar, Silver tested its key support level of $21 per ounce today. Holding above the key $21 price level is important to the short-term direction of the Silver price. At 11am PT today, Silver is down $0.60 per ounce, trading at $21.32 on heavy volume.