Daily Market Report 5/20/16

GOLD

During trading yesterday, Gold briefly broke the important $1,250 per ounce support level, reaching a low of $1,245 per ounce. At that point, excellent demand appeared and drove the price back up to $1,260. Now, Gold has established a short term support range between $1,250 and $1,260 per ounce. I look for Gold to move higher early next week. At 11am PDT today, Gold is down $2, trading at $1,252.

SILVER

Silver has found sizable demand above the $16.50 per ounce level. At 11am PDT today, Silver is unchanged, trading at $16.52.