Daily Market Report 2/16/16

GOLD

Gold tested the $1,200 support level yesterday, reaching $1,202 per ounce before holiday buying appeared. This morning, Gold broke through the $1,200 resistance level; reaching a low of $1,190 after Goldman Sachs told its clients to sell Gold. After the selloff, the buyers came rushing in to take the price above $1,210 per ounce. At 11am PST today, Gold is trading at $1,205 per ounce, down $33 from last Friday’s close on excellent volume.

SILVER

Silver reached a low of $15.12 during the past two days on profit taking. The short sellers were able to take the market down $0.60 before the buying overwhelmed them. At 11am PST today, Silver is down $0.46 per ounce, trading at $15.30 on good volume.