Daily Market Report 5/12/16

GOLD

For most of today’s trading session, Gold was in the $1,268 to $1,275 range. The consolidating continues as Gold builds a base for the next leg higher (above $1,300) within the next couple weeks. At 11am PDT today, Gold is trading at $1,270 per ounce, down $5 on average volume.

SILVER

This morning Silver tested and held above the $17 per ounce support level, reaching a low of $17.01. Silver, like Gold, continues to build a base for the next attempt to break the $18 per ounce resistance level. At 11am PDT today, Silver is down $0.22, trading at $17.09 on normal volume.