Gold and Silver Morning Update

Gold and silver are both trading at the very top end of their trading ranges this morning.  Gold is again attempting to clear the $1432 level, and silver is flirting with $37.80 for the 3rd time.  If it can take out $37.80 convincingly on the 3rd try, we may see new highs today.  Gold and silver strength this morning is a result of dollar weakness, which has again broke down through crucial support at 76.  The purpose of all of the hawkish fed speeches released Monday and Tuesday were to try to get a bid for the dollar to prevent a breakdown.  The fact that  they could only get the dollar to meekly scratch its way above 76 for two sessions before breaking down again is most telling.  Technically, the dollar chart looks as sick as a dog- it really looks like it wants to test the lows near 72.