Daily Market Report 2/17/16

GOLD

In early Asian trading this morning, Gold hit a low of $1,195.60 before sizeable buying appeared. In Europe and the U.S. the Gold buyers came back and the price rallied to $1,214 on excellent demand. This test of the key $1,200 long term support/resistance level is a major Bull/Bear fight, and I think the Bulls are winning. At 11am PST today, Gold is trading at $1,210 per ounce, up $5 on excellent volume.

SILVER

Silver continues to show excellent demand when it drops below the $15.15 per ounce level. Many of the professional traders who shorted Silver when it traded above $15.70 last week are taking profits and covering those short sales. At 11am PST today, Silver is up $0.04, trading at $15.34 per ounce on good volume.