Daily Market Report 4/29/16

GOLD

Yesterday the Commerce Department announced that the U. S. economy expanded at the slowest pace in two years. This news clearly confirms that interest rates aren’t going up and Gold remains very bullish. With Gold breaking back above the key $1,250 per ounce resistance level on Wednesday, many professional traders became optimistic. Gold reached $1,296 this morning, a new high for 2016. The sentiment in the global Gold markets is picking up momentum and Gold should move over the $1,300 resistance level next week. After the move above $1,300 I think a week or two of price consolidation would be healthy for Gold’s long term outlook. At 11am PDT today, Gold is up $26 per ounce, trading at $1,290 on excellent volume.

SILVER

Silver was the preferred precious metal of April, with an increase of over 15% in the month, and almost 30% since the beginning of 2016. The rally continues today, as Silver reaches $17.98 per ounce in U.S. trading. At 11am PDT today, Silver is trading at $17.77 per ounce, up $0.22 on nice volume.