Powell Seems Upbeat Regarding The U.S. Economy & Employment

GOLD

The Federal Reserve Chairman Powell sounded upbeat on the U.S. economy, employment and promised to get inflation under control. That testimony before the U.S. Senate provided strength to the stock market and precious metals. Gold quickly rallied $15 and kept on moving higher on strong demand. At 11am PT today, Gold is trading at $1,823 per ounce, up $19 on excellent volume.

SILVER

Silver moved higher this morning with Gold, reaching a high of $22.87 before seeing some light profit taking. Breaking above the $23 per ounce resistance level in the next few days would be important for Silver right now. At 11am PT today, Silver is up $0.33 per ounce, trading at $22.88 on good volume.