Daily Market Report 6/1/16

GOLD

The bears haven’t gone away; after Gold hit a high of $1,220 per ounce this morning, we saw some short term sellers appear, driving the price down to $1,206. Bargain buyers (bulls) continue to be aggressive when Gold nears the $1,200 long term support level. At 11am PDT today, Gold is trading at $1,211 per ounce, down $4 on excellent volume.

SILVER

Silver reached a low of $15.82 per ounce this morning in Asian trading. $16 per ounce continues to be an important support/resistance level for Silver, and moving back above that level is needed very soon for Silver to continue its bullish 2016 rally. At 11am PDT today, Silver is down $0.08, trading at $15.92 on good volume.