Daily Market Report 3/2/17

GOLD

Gold broke below the $1,250 per ounce support level this morning based on three contributing factors:

1. The U.S. Dollar strengthened to a 2017 high versus the Euro and other currency
2. It’s highly likely that the Federal Reserve will raise interest rates this month
3. A major seller in the Silver market, causing it to break $18, helped Gold’s decline

At 11am PST today, Gold is down $15 per ounce, trading at $1,235 on sizeable volume.

SILVER

Silver broke below the key $18 per ounce support level this morning. A combination of commodity houses, chart trading, and investors caused Silver to reach a low of $17.67 before bargain buying appeared. At 11am PST today, Silver is trading at $17.80 per ounce, down $0.64 on heavy volume.