Daily Market Report 7/7/16

GOLD

Gold tested its $1,350 per ounce support level this morning, reaching a low of $1,351 before buyers appeared. Gold has excellent support around the $1,350 per ounce range, and the current resistance level is $1,380. I still look for Gold to reach $1,400 per ounce this month. At 11am PDT today, Gold is trading at $1,358, down $9 per ounce on good volume.

SILVER

Silver continues its fight to stay above the $20 per ounce support/resistance level today. In early trading, Silver reached $20.29 per ounce, then short term selling appeared, driving the price down to $19.46, when bargain buyers jumped in. As I have said before, expect high volatility as the Silver bull market raises. At 11am PDT today, Silver is trading at $19.70 per ounce, down $0.40 on average volume.