Daily Market Report 12/08/16

GOLD

It appears that Gold is in a holding pattern right now as the Day Traders watch it trading in a narrow $7 range. The activity levels appear to be normal and I’m watching for the next spark that will bring in more action. This is a very interesting market to watch as we continue to wait for the Federal Reserve meeting next week. At 11am PST Gold is at $1,171 down $4 on average volume.

SILVER

Today it looks like Silver is back to testing the $17 resistance level again. During Asian trading it was holding well; when the New York market opened, Silver dipped as low as $16.84 but rebounded around the $17 level. It’s normal to see traders test resistance levels to see how things go. The next couple days will be interesting to watch. I would like to see Silver hold above its current $17 resistance level. At 11am PST Silver is trading at $17.03, down $0.20 on average volume.