Daily Market Report 6/20/16

GOLD

This morning Gold tested the $1,280 support level, reaching a low of $1,277. The support level held and the Gold price quickly rallied back to $1,288 per ounce. I believe the market will trade in a tight range awaiting news from Janet Yellen’s testimony to Congress this Wednesday and Thursday, and the Brexit vote in Great Britain also on Thursday. At 11am PDT today, Gold is trading at $1,289 per ounce, down $3 on the day with average volume.

SILVER

Silver is showing better demand than Gold today. After reaching a low of $17.28 this morning, Silver has rallied to $17.66 on excellent Asian and European demand. At 11am PDT today, Silver is up $0.10 per ounce, trading at $17.50 per ounce on normal volume.