Gold and Silver Report Tuesday 3rd November 2009

03 November 2009 @ 07:13 am EDT

We saw a strong advance in gold yesterday crossing above the 9 and 14 day moving averages on the back of a weaker US dollar. After a few profit taking sessions, the yellow metal is now back above $1060.00 level and looks ready to challenge the all time high of $1070.68/oz. Silver moved up with gold gaining 28 cents to close at $16.550/oz. The chart shows an outside day for the white metal with the high and the low engulfed by the previous day range which could point to consolidation before the next move.

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