Daily Market Report 12/12/16

GOLD

It appears that today Gold hit a low in the beginning of London Trading with an opening low of $1151.10. However, throughout London’s trading as well as morning activity in the US Markets, Gold has slowly returned back over the $1160 level with some above average buying. This is good to see after the latest US Treasury 10-year note auction happened today, resulting in a yield of 2.482%, which is the highest level we’ve seen since 2014. That said, I think Gold will continue trading in this range until we hear from the Federal Reserve this week, as they are having a 2 day policy meeting starting tomorrow. At 11am Gold is trading at $1164, up $0 on higher than average trading volume.

SILVER

It’s great to see Silver recover so well today after a decline to under $17 last friday to close out the week. As we start the week, Silver has gained over $0.45 an ounce just in trading today, propelling it to back over the $17 level. This is a good sign for support on Silver. At 11am Silver is trading at $17.17, up $1.17 on above average volume.