Gold rides high as bitcoin sees profit taking

Gold prices continue to climb Monday morning as the precious metal is up $10.50 to $1,411.60 on further dollar weakness.

As I wrote last week the dollar continues to slide toward the short term level of 95 on the Dollar Index, which measures the strength of the greenback against other currencies.

The other notable alternative investment bitcoin had a bit of a pullback on Sunday after hitting a multi-year high of $11,310. Monday morning it is trading at $10,820 after a strong week. This move downward has all the earmarks of profit taking as chart has little directionality over the last 6 hours.

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