Gold moving higher at a fast rate<br />Daily Market Report 6/6/17

GOLD

Wow, the Gold price is moving higher at a faster rate than I expected. With U.S. interest rates and U.S. Dollar continuing to fall, the buyers are coming in. Now, I believe we should see the first test of the key $1,300 per ounce long term resistance level this week. It would be healthy for the Gold price to have a little consolidation between $1,275 and $1,300 before the next move above $1,300 per ounce. At 11am PDT today, Gold is trading at $1,293 per ounce, up $13 on heavy volume.

SILVER

Silver is taking its lead from Gold but not increasing at the same percentage. As Gold approaches $1,300, Silver needs to be closer to $18 per ounce. Silver hit a high today of $17.75 before seeing some light sellers. At 11am PDT today, Silver is trading at $17.70, up $0.10 per ounce on average volume.