Daily Market Report 10/20/16

GOLD

After this week’s $20 Gold rally, the markets are consolidating in a narrow $10 high/low trading range. I look for Gold to firmly move back above the $1,270 level quickly and continue on to the $1,300 level. At 11am PDT today, Gold is trading at $1,267 per ounce, down $2 on average volume.

SILVER

Silver is comfortable trading above $17.50 per ounce with excellent physical demand worldwide. I look for Silver to test its $18 per ounce level by early next week. At 11am PDT today, Silver is down $0.10 per ounce, trading at $17.58 on good volume.