Daily Market Report 1/12/17

GOLD

This morning Gold broke above the key $1,200 per ounce resistance level for the first time in 2017. Gold reached a high of $1,206 per ounce. This break was a little earlier than I expected, and was met with some professional short selling, which took the price below $1,200 per ounce. At 11am PST today, Gold is trading at $1,199 per ounce, up $5 on good volume.

SILVER

When Gold rallied above $1,200 per ounce, Silver briefly moved above the $17 per ounce resistance level. Silver continues to pick up new buyers in physical products, futures, and options. At 11am PST today, Silver is up $0.04 per ounce, trading at $16.82 on normal volume.