Daily Market Report 1/18/17

GOLD

The Gold price showed excellent support today, trading between $1,210 and $1,218 per ounce on good volume. I expect to see Gold test the $1,200 resistance level this week and hold. It would be healthy for the market to stay in the $1,200 to $1,225 this week, building a base for the next leg higher. At 11am PST today, Gold is trading at $1,211 per ounce, down $2 on excellent volume.

SILVER

Silver tested the $17 per ounce support level this morning, reaching a low of $17.04. At that point bargain buyers appeared, taking the price back to $17.15 very quickly. At 11am PST today, Silver is up $0.10 per ounce, trading at $17.20 on good volume.