The U.S. Dollar Weakness Gives Gold The Push It Needs

GOLD

After yesterday’s testing of the key $1,950 support level, today the Gold price exploded on Asian and European commodity exchanges. In late Asian and early European trading a sizeable amount of fresh buying appeared on U.S. Dollar weakness, taking the price up $50 per ounce from $1,975. At $2,025 there was some short-term profit-taking, but the price didn’t drop that much. At 11am PT Today, Gold is trading at $2,019 per ounce, up $34 per ounce on excellent volume.

SILVER

Silver followed Gold higher at a faster pace, moving above the $25 per ounce resistance level, and reaching a high of $25.07 before slowing down. Yesterday and today we are seeing extraordinary demand for many of the popular Silver investment coins. At 11am PT today, Silver is up $1.10 per ounce, trading at $24.95 on extraordinary volume.