Gold broke out of its recent trading range<br />Daily Market Report 5/1/17

GOLD

Today, Gold broke out of its recent $1,260/$1,270 per ounce trading range. Unfortunately, the break out was to the downside. It appears Gold will hit its $1,250 per ounce major support level sometime this week before turning around. The Gold price should receive sizeable buying from the upcoming key festival in India. At 11am PDT today, Gold is trading at $1,256 per ounce, down $11 on active buying.

SILVER

Silver moved below the key $17 per ounce support level in New York. At that time, some professional traders short sold the active July 2017 futures contract, driving the price down to $16.76 before buyers appeared. At 11am PDT today, Silver is trading at $16.86, down $0.39 on very active volume.