Daily Market Report 3/9/17

GOLD

This morning Gold hit a low of $1,201.40 and quickly bounced back $5 on heavy buying. Gold has now declined for eight straight days from $1,253 level. Gold is now showing increasing physical, futures and equity demand at the key $1,200 per ounce support level. If Gold can hold this level for the next couple of trading days, I think you’ll see long term professional investors increase their Gold holdings. At 11am PST today, Gold is down $5 per ounce, trading at $1,205 on excellent volume.

SILVER

Today Silver reached a low of $16.97 per ounce, a new five-week low. For most of the trading day, Silver has traded above and below the key $17 support level. Remember, since the beginning of this year, Silver is still up over $1 per ounce. At 11am PST today, Silver is trading at $17.04 per ounce, down $0.26 with excellent volume.