U.S. Dollar Rallies Based On A European COVID-19 Lockdown

GOLD

The U.S. dollar rallied based on a European COVID-19 lockdown. Both equity markets and precious metal markets dropped. Gold broke down below $1,900, reaching $1,866 before finding bargain buying. I believe this could be the washout before Gold’s next leg higher. At 11 am PT today, Gold is trading at $1,882 per ounce, down $26 on active volume.

SILVER

Silver broke down with Gold, reaching a low of $22.98 before finding serious buying. Breaking down below the key $24 and $23 support levels will take a little time to repair unless the Gold price explodes higher. At 11 am PT today, Silver is down $1.05, trading at $23.43 per ounce of heavy volume.