Daily Market Report 3/8/16

GOLD

Gold reached a high of $1,278 per ounce this morning before seeing short sellers and light profit taking. Gold showed excellent support above the $1,260 level and is still in an excellent consolidation phase. The next major factors that would have a direct effect on the Gold price are Thursday’s policy statement by the European Central Bank, followed by the U.S. Federal Reserve’s policy meeting on March 15-16.Here is a link to a very informative article about China’s Gold Strategy:
www.mintstategold.com/investor-education/china_gold_strategy/

At 11am PST today, Gold is trading at $1,266 per ounce, up $1 from yesterday on normal trading volume.

SILVER

Silver saw some light short term profit taking this morning, reaching a low of $15.34 before fresh buying appeared. At 11am PST today, Silver is down $0.17, trading at $15.45 on average volume.