Daily Market Report 1/13/17

GOLD

This morning saw the second attempt for Gold to break above the key $1,200 resistance level, with Gold reaching $1,201 per ounce. Friday is a good day for traders to close any open positions in the futures market, so seeing Gold’s price consolidation in the $1,195 range is good. I believe Gold will continue its 2017 rally, firmly moving above the $1,200 level this month. At 11am PST today, Gold is trading at $1,196 per ounce, down $3 on normal volume.

SILVER

Silver tested its recent low this morning, reaching $16.57 per ounce. Bargain buyers became aggressive and the price moved back to $16.80 very quickly. At 11am PST today, Silver is down $0.04 per ounce, trading a $16.78 on average volume.