Daily Market Report 1/27/17

GOLD

As the U.S. Dollar strengthened earlier today, Gold reached a low of $1,181 per ounce. That was a very attractive price for traders and Asian and Middle Eastern buyers. I believe what we saw yesterday and today was the correction of the 2017 Gold rally. I look for price consolidation and a quick rally back to the $1,200 level. At 11am PST today, Gold is trading at $1,190, down $2 on active volume.

SILVER

Earlier today in Asian markets the U.S. Dollar had a strong rally and Silver reached a low of $16.62 per ounce. As the Dollar started to sell-off, the price of Silver started a high rally, holding above the key $17 per ounce level. At 11am PST today, Silver is up $0.30 per ounce, trading at $17.13 on active volume.