Positive Vaccine News Causes Gold To Drop

GOLD

Today’s news that Pfizer has a COVID-19 vaccine that is 90% effective has caused a major change in today’s market. Gold, the most popular safe haven investment is being sold today, and the equity market are surging. The thought of a recovery from the current pandemic has encouraged investors to change the strategy today. My investors are buying stocks that will rally when the recovery starts. Gold reached a high of $1,965 in early Asian trading this morning, then came the drop of $91 per ounce, caused by the Pfizer news and a rally in the U.S. Dollar Index. I believe Gold will show excellent support above the $1,850 level, and start the rally again. At 11am PT Today, Gold is trading at $1,860 per ounce, down $91 on heavy trading volume.

SILVER

Silver briefly traded above the $26 resistance level in Asian early morning trading, then came the Pfizer news. Silver sold off more sharply than Gold, reaching a low of $23.54 before finding bargain buyers. A 11am PT today, Silver is down $1.70 per ounce, trading at $23.81 on high volume.