Daily Market Report 7/12/16

GOLD

As many of the equities markets around the globe are rallying off their recent 2016 lows, Gold is seeing profit taking. Gold hit a low of $1,330 today, well below its recent $1,350 support level. This is a great entry point for increasing your Gold holdings. At 11am PDT today, Gold is trading at $1,337, down $19 per ounce on excellent volume.

Last Friday, Bank of America Merrill Lynch released a report not only calling for Gold prices to hit $1,500 an ounce, but for Silver to “overshoot” to $30.

SILVER

Silver briefly reached a low of $19.95 per ounce this morning, then, with heavy buying, rallied back above its $20 support level. $20 continues to be a very important support level for Silver. At 11am PDT today, Silver is down $0.14 per ounce, trading at $20.11 on good volume.