GOLD

The U.S. Dollar continues to rally (Index over 92.50), April unemployment dropped to 3.9%, and - WHAT - Gold is higher. This week Gold showed excellent resistance to breaking below the 200-Day moving average, the $1,300 per ounce support level. I believe the worst is over and next week Gold should rally. Today, Bank of America’s Paul Ciana said Gold will rise this year. He says, "the stronger the rise and once Gold breaks the $1360-1375 barrier it will move quickly to $1450 in 2018." At 11am PDT today, Gold is trading at $1,315 per ounce, up $2 on normal Friday volume.

SILVER

Silver is trying to stay above the $16.50 level today, after reaching a low of $16.33 in early trading. Silver is back to following Gold trading higher or lower. If you remember in April, Silver lead precious metal trading, breaking above the key $17 level for a short period of time. At 11am PDT today, Silver is up $0.05 per ounce, trading at $16.50 on average volume.