Daily Market Report 5/4/16

GOLD

Gold is continuing its price consolidation today, as the price trades in the $1,270 to $1,290 per ounce price range. I believe Gold is building a firm base before breaking above the key $1,300 per ounce resistance level later this month. At 11am PDT today, Gold is down $14, trading at $1,274 on good volume.

SILVER

The Silver price was weak from the opening on light profit taking. Silver did hit a low of $17.15 before bargain buyers appeared. At 11am PDT today, Silver is trading at $17.25, down $0.20 on average volume.