Daily Market Report 1/26/17

GOLD

As the U.S. Stock Markets and Dollar continue to move higher, Gold is on the defensive. Gold hit a low of $1,184.50 this morning before bargain buyers and professional traders became aggressive. This is the second test of the important $1,200 per ounce resistance/support level, and I believe it will move above it shortly. At 11am PST today, Gold is trading at $1,192 per ounce, down $6 on good volume.

SILVER

Silver sold off with Gold this morning, reaching a low of $16.67. Physical demand is growing with the 2017 Silver Eagles being released, and I expect to see Silver move back to the $17 area shortly. At 11am PST today, Silver is down $0.15 per ounce, trading at $16.83 on average volume.