Daily Market Report 3/3/16

GOLD

Strong demand for physical Gold for investors, ETF, and central banks continue to be some of the major driving forces in the recent Gold rally. Today, Gold broke above the $1,250 level for the 2nd time this year. The highest price Gold reached today was $1,260, before seeing some short term profit taking. It’s important that Gold stays above $1,250 tomorrow and Monday, to show consolidation before moving above $1,263, the 2016’s high. At 11am PST today, Gold is up $15, trading at $1,256 per ounce on average volume.

SILVER

Silver rallied sharply with Gold this morning, reaching a high of $15.23 per ounce, before heavy selling appeared. Moving back above the key $15 resistance/support level is very important for the short term direction of Silver. At 11am PST today, Silver is up $0.10 per ounce, trading at $15.12 on normal volume.