Daily Market Report 3/8/17

GOLD

Gold breaking below the 100-day moving average of $1,218 per ounce this morning causes me to think the price could test the $1,200 support level. I believe $1,200 level will hold, and any test of that level will be very brief and probably happen in Asian or European markets. With all of Gold’s bullish long-term fundamentals looking better and better, the current Gold price is a BUY. It appears that many professionals agree with my assessment as many of the largest Gold mining equities are higher today in the face of a lower Gold price. At 11am PST today, Gold is trading at $1,210 per ounce, down $8 on excellent volume.

SILVER

Today, Silver reached a low of $17.21 per ounce, a five-week low. If Gold tests the $1,200 level, Silver could test the $17 per ounce support level. After a 15% increase in a short period of time, it is not uncommon for the market to have a 50% correction and still be bullish. At 11am PST today, Silver is down $0.24 per ounce, trading at $17.30 per ounce on good volume.