Daily Market Report 1/22/16

GOLD

Gold was trading above the key $1,100 per ounce support level until a statement by the European Central Bank President, Mario Draghi. Draghi gave a strong signal today that more ECB easing will be coming within months. His comments caused a rally in the U.S. Dollar against the Euro and helped the battered worldwide equity markets, while the spot Gold price moved lower. At 11am PST today, Gold is trading at $1,096 per ounce, down $5 on light volume.

SILVER

Silver wants to break above its recent trading range between $13.90 and $14.35, but every time it reaches the highs, sellers appear. This morning Silver hit a high of $14.37 and again selling drove it back to $14.02 per ounce. At 11am PST today, Silver is down $0.08 per ounce, trading at $14.05 on light volume.