Daily Market Report 5/3/16

GOLD

A 20-ton increase in Gold holdings at the ETF (GLD) depository, combined with a weaker U.S. Dollar, caused Gold to make its second attempt at breaking the $1,300 per ounce resistance barrier. Gold reached a high today of $1,302 before sellers drove the price down to major support of $1,282 per ounce. Remember, the third attempt to break a resistance level normally does the trick, and that could come very soon. At 11am PDT today, Gold is trading at $1,288, down $4 on good volume.

SILVER

After last month’s spectacular 15% increase, short term profit taking hit the Silver market today. Silver reached a low of $17.32 this morning before buyers got active, driving the price back up above $17.40 per ounce. Some price consolidation right now would be very healthy for Silver’s long term bullish outlook. At 11am PDT today, Silver is trading at $17.45 per ounce, down $0.07 on excellent volume.