Daily Market Report 10/4/16

GOLD

In early trading, the Gold price broke below the important $1,300 per ounce level after upbeat U.S. manufacturing data stoked expectations that the Federal Reserve would hike interest rates by year-end, driving the Dollar higher. After Gold broke below the $1,300 level, sell stops were triggered and professional traders shorted Gold which quickly drove the price lower, reaching $1,281.50. At 11am PDT today, Gold is trading at $1,273 per ounce, down $38 on heavy volume.

SILVER

Silver followed Gold lower this morning, reaching $18.26 per ounce, the lowest price since June. Silver has a major support level at $18 per ounce, which should bring in bargain buyers. At 11am PDT today, Silver is down $1.30, trading at $17.89 per ounce on heavy volume.