Stronger Dollar Causes Gold To Rally

GOLD

After reaching a low of $1,856 per ounce yesterday, Gold has rallied $20 on bargain buying. This increase has come in the face of a stronger U.S. Dollar, equity markets and a move higher in interest rates. Gold tested its key support level of $1,850 and held, now we need to see a move back above $1,900 to keep the short-term bullish trend intact. At 11am PT today, Gold is trading at $1,878 per ounce, up $18 on good volume.

SILVER

Silver moved back above the important $24 resistance/support level this morning, as Gold rallied higher. The feeling by many market analysts is that the $1.70 price correction in the Silver price yesterday was overdone. A COVID-19 Vaccine would not be detrimental to the value of Silver. At 11am PT today, Silver is up $0.50 per ounce, trading at $24.31 on excellent volume.