Daily Market Report 5/10/16

GOLD

We are now in the second week of Gold price consolidation, as it trades between $1,250 and $1,300 per ounce. I believe we will see Gold move up gradually the remainder of this week, with one more possible test of the $1,250 support level. Then, next week, with India’s wedding festival season starting, both the Gold demand and price should increase dramatically. At 11am PDT today, Gold is trading at $1,265 per ounce, up $1 on average volume.

SILVER

Silver continues to test and hold the key $17 per ounce support level. Every time Silver drops below $17 per ounce, fresh demand appears, driving up the volume and the price. Silver traded between $16.89 to $17.17 today on active volume. At 11am PDT today, Silver is up $0.04 per ounce, trading at $17.08 on active volume.