Gold stayed in a tight trading range today<br />Daily Market Report 6/12/17

GOLD

Gold stayed in a tight $7 trading range today, between $1,264 and $1,271 per ounce. After last week’s volatility, it would be good to see Gold establish a new base, hopefully above $1,270 per ounce. Gold’s next direction is likely to come from tomorrow and Wednesday’s Federal Open Market Committee’s meeting. An interest rate raise and/or a closing statement about the future direction of interest rates will guide precious metal prices. At 11am PDT today, Gold is trading at $1,267 per ounce, down $4 on average volume.

SILVER

Silver tested the important $17 per ounce resistance level, reaching a low of $16.90 per ounce. For the rally to continue, Silver needs to move back above the $17 per ounce level ASAP. At 11am PDT today, Silver is down $0.26 per ounce, trading at $16.98 on normal volume.