Gold is testing its support level<br />Daily Market Report 6/8/17

GOLD

Today, we saw some selling in the Gold markets. After its recent $80 rally, Gold sold off about $20 this morning, testing its $1,270 per ounce support level. 30,000 CME August Gold 100 ounce Contracts (worth $4 Billion) were sold into the market just before Comey testified. Clearly someone felt his testimony would be positive. Now, I look for Gold to trade for a bit in the $1,270 to $1,295 per ounce price range, building a base ahead of the next move to break above the key $1,300 per ounce level. At 11am PDT today, Gold is trading at $1,277 down $13 on active volume.

SILVER

When Gold sold-off, Silver broke below its recent $17.50 per ounce support level, and reached a low of $17.33. At that point bargain buyers appeared and quickly took the price back to $17.45 on excellent volume. At 11am PDT today, Silver is down $0.18 per ounce, trading at $17.45 on excellent volume.

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