Daily Market Report 10/17/16

GOLD

Today the high/low price range for Gold is only $7 from $1,257 to $1,250 per ounce. This is the classic definition of building a base and consolidation after a sharp decline. Clearly the Gold price is waiting for some news or economic indicators to give it short term direction. At 11am PDT today, Gold is trading at $1,257 per ounce, unchanged from last Friday, on good volume.

SILVER

Silver reached a low of $17.32 this morning in early Asian trading before bargain buyers appeared, taking the price back above $17.50 per ounce. At 11am PDT today, Silver is down $0.01, trading at $17.46 per ounce on average volume.