Daily Market Report 1/16/15

GOLD

Wow, the U.S. Dollar continues to rally versus the Euro (trading under 1.13 to the Dollar) and Gold continues to move higher, on its way to $1,300 per ounce, the next major resistance level. Gold firmly moved above the key support level of $1,250 per ounce today, reaching a high of $1,282 earlier today, on excellent volume.

At 11am PST today, Gold is trading at $1,276 per ounce, up another $14 per ounce, and up $58 per ounce for the week. Today’s trading was very active for a Friday.

SILVER

Silver clearly broke out today, reaching a high of $17.86 per ounce earlier this morning. Demand continues to be strong and physical buying is at a record pace. The next resistance level is $18 per ounce, which could be tested on Monday. At 11am PST today, Silver is up $0.60 per ounce, and up an amazing $1.28 for the week. Trading is very active for a Friday, ahead of a major holiday.