Gold and Silver Love The U.S. Dollar Decline
Gold and silver are directly benefiting from the decline in the U.S. Dollar Index. In fact, the entire stock market is rising as the U.S. Dollar Index declines intra-day. Gold and silver are both making new highs this morning. The SPDR Gold Shares is trading higher by 0.68 cents a share to $150.49 a share. The next important intra-day resistance level for the GLD should be around the $151.00 area.
The iShares Silver Trust(NYSE:SLV) is off to the races this morning. The SLV is trading higher by 0.59 cents to $47.95 a share. Traders must watch for intra-day resistance around the $48.00 and $48.50 levels. If the U.S. Dollar Index somehow bounces higher throughout the day this will put selling pressure on gold, silver and most everything else in the stock market.