Daily Market Report 1/19/17

GOLD

Gold did test its $1,200 per ounce support level earlier this morning, reaching a low of $1,196 before major buying kicked in. I continue to look for Gold to trade in the $1,200 to $1,224 range, building a base for the next leg higher. At 11am PST today, Gold is trading at $1,202 per ounce, down $9 on good volume.

SILVER

Silver was hammered this morning, reaching a low of $16.72 before bargain buyers appeared. Silver is showing a lot more volatility than Gold with a 2.50% high/low trading range today. At 11am PST today, Silver is down $0.20 per ounce, trading at $17 on heavy volume.