Daily Market Report 12/16/16

GOLD

The Dow is down today and losing some of its momentum towards reaching an all-time high of 20,000 in stock trading. The metals markets, however, are starting to regain some of the pull back from yesterday. This is typical of Friday markets, as traders need to cover their positions before the weekend begins. It wouldn’t surprise me if we start seeing more activity next week, above the normal pre-Christmas holiday slowdown. At 11am PST today, Gold is trading at $1136, up $8 on strong volume.

SILVER

Silver continues to flirt with the $16 resistance level today, but remains resting above it. This is to be expected as some traders are covering their positions for the weekend and technical traders want to take advantage of Silver testing the resistance level. I think we will see a return back to the $17 per ounce level shortly, now it’s just a question of whether that is before or after Christmas. As mentioned above, traders will typically take time off for the holiday, so we can expect to see less trading happening as it approaches. At 11am PST today, Silver is trading at $16.16 per ounce, up $0.22 with a healthy, above trading volume.