Daily Market Report 5/24/16
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GOLD
Continued concerns about the possibility of an increase in interest rates next month by the Federal Reserve and weaker physical demand figures from Asia have resulted in a small sell off in Gold. Gold reached a low today of $1,228 per ounce, which is a very attractive price. Remember, $1,200 is our long term support level, and based on the fresh buying, I really believe Gold will turn higher soon. At 11am PDT today, Gold is trading at $1,230 per ounce, down $21 per ounce on good volume.
SILVER
Silver sold off with Gold, reaching a low of $16.20 per ounce this morning. Global physical demand continues to be strong. At 11am PDT today, Silver is down $0.20, trading at $16.24 per ounce on excellent volume.