Daily Market Report 7/28/16

GOLD

After yesterday’s Federal Reserve announcement, Gold initially headed lower, reaching $1,320 per ounce. When it was made clear that the Fed was dovish on the economy due to a poor durable goods number, Gold started to rally. There is some optimism now that the Fed could raise interest rates in September. It is more probable, however, that December will be the month if it happens this year at all. At 11am PDT today, Gold is trading at $1,335 per ounce, up $13 on average volume.

SILVER

Silver’s reaction after the Federal Reserve’s statement was more bullish than Gold’s. Silver ran through the $20 per ounce resistance level, reaching a high of $20.53, before seeing short term profit taking. At 11am PDT today, Silver is up $0.32, trading at $20.18 per ounce on good volume.