Daily Market Report 12/20/16

GOLD

We are seeing Gold continue to develop a base after the Fed’s meeting last week. After correcting to $1,126 per ounce this morning, the price quickly rose over the $1,130 level. This shows that the margin traders are clearing out at this level, which is good to see as the U.S. Dollar is slightly up in trading today as well. At 11am PST today, Gold is trading at $1,133 per ounce, down $9 on above average volume.

SILVER

Silver is definitely more interesting today as morning selling brought Silver down to $15.52, clearing out a lot of the day traders who were cleaning out their positions. After this, the bulls took over and rocketed Silver back over the $16 level. These are signs that Silver is developing its new base at the $16 level as it prepares for its run back up to $20. At 11am PST today, Silver is trading at $16.00, down $0.13 on strong trading volume.