Daily Market Report 5/23/16

GOLD

During Asian trading this morning, Gold reached a low of $1,243 per ounce before attracting fresh buying. The Gold price has been trading between $1,243 and $1,256 per ounce today. A solid move back above the key $1,250 per ounce needs to happen very soon to keep the positive bias. At 11am PDT today, Gold is down $4, trading at $1,251 per ounce on normal volume.

SILVER

Silver found excellent demand when it reached $16.30 per ounce in early morning Asian trading. Silver reached a high of $16.59 before seeing some short term profit taking by professional commodity traders. The professional traders have a positive Gold/Silver strategy of buying on dips and selling into rallies. Prior to this year they had a negative strategy of shorting on rallies and covering on dips. At 11am PDT today, Silver is trading at $16.44 per ounce, down $0.05 on excellent volume.