Daily Market Report 2/4/16

GOLD

The rally continues with Gold reaching a high of $1,157 per ounce. Today was the first day this year that Gold broke above the important $1,150 per ounce resistance level. I would expect to see some consolidation above/below the $1,150 level before moving on to the next resistance level of $1,200 per ounce. At 11am PST today, Gold is trading at $1,155 per ounce, up $11,40 on excellent volume.

SILVER

Silver took direction from the Gold rally and reached a new 2016 high of $14.93 per ounce. Wednesday’s trading volume was almost double Tuesday’s, an excellent sign that fresh buyers are moving into the market as it moves higher. Silver’s next move is to test the $15 per ounce resistance level, hopefully by next week. At 11am PST today, Silver is up $0.08, trading at $14.84 on excellent volume.