Daily Market Report 12/21/16

GOLD

The strength of the U.S. Dollar along with increasing interest rates continue to keep Gold on the defensive. Gold is likely to stay defensive as we approach the end of the year and see year-end tax selling. $1,100 per ounce is a major support/buying level for Gold if we see any year-end sell off. Gold is trading in a narrow high/low range today between $1,129 and $1,137 per ounce on light volume. At 11am PST today, Gold is trading at $1,133 per ounce, unchanged for the day.

SILVER

Silver continues to have heavy resistance every time it moves above the $16 per ounce level. Silver did reach $16.20 per ounce today in early trading and I saw professional short selling. At 11am PST today, Silver is down $0.04 per ounce, trading at $15.96 on light volume.