Daily Market Report 9/16/16

GOLD

Gold continues to decline ahead of next week’s Federal Reserve announcement about interest rates. Gold is likely to test the key $1,300 per ounce major support level early next week. At 11am PDT today, Gold is trading at $1,308 per ounce, down $9.50 on average volume.

SILVER

Silver continues to follow the price direction of Gold, hitting a low of $18.67 per ounce this morning. In the short term the bears have control of the Silver market, with Silver not able to stay above the key $19 per ounce price level. At 11am PDT today, Silver is down $0.25 per ounce, trading at $18.80 on normal volume.