Daily Market Report 1/20/17

GOLD

For most of the trading day, Gold has stayed above the important $1,200 support level. I really like the way Gold has traded this week, showing good volume and consolidation. I believe Gold will break out above the recent high of $1,216 and move to the $1,225 level. At 11am PST today, Gold is trading at $1,206 per ounce, up $4 on average volume.

SILVER

Silver continues to trade above and below the important $17 per ounce level. If Silver can close at or around $17, it would be the 3rd week in a row Silver showed a nice price increase. At 11am PST today, Silver is up $0.02, trading at $17.02 per ounce on normal volume.