Daily Market Report 2/18/16

GOLD

Since the beginning of the year we’ve had a $200 rally from $1,060 to $1,260 per ounce, followed by a $70 profit taking selloff down to $1,190, and now the rally continues. The Gold price tested its $1,200 support level earlier this week and held, with extraordinarily high trading volume. Now, the long term upward move continues with the price reaching a high of $1,236 today. At 11am PST today, Gold is trading at $1,232 per ounce, up $22 on excellent volume.

SILVER

Silver is taking its direction from the Gold price and has been moving up all day. Silver reached a high of $15.53 today before hitting resistance. At 11am PST today, Silver is up $0.14, trading at $15.48 per ounce on good volume.