Gold reached a new 2017 high<br />Daily Market Report 6/7/17

GOLD

Yesterday, Gold reached a new 2017 high of $1,298.80 for the popular August CME 100 ounce Gold contract. This is the highest price for Gold since November 4th 2016. After an $80 increase in the Gold price in the past month, today’s price consolidation is very timely. Gold has traded between $1,288 and $1,295 per ounce, while it builds a base for the first attempt to break above the key $1,300 per ounce long term resistance level. At 11am PDT today, Gold is trading at $1,290 per ounce, down $3 with active volume.

SILVER

The Silver price hit a wall yesterday at $17.75 per ounce. Today, Silver has traded between $17.55 to $17.74 per ounce building a base for the next attempt at a break out. Right now, the $17.50 level is support and $17.75 has resistance. We need to see Silver break above $17.75 as Gold approaches the $1,300 level. At 11am PDT today, Silver is down $0.07 per ounce, trading at $17.63 on normal volume.