Daily Market Report 3/9/16

GOLD

A stronger U.S. Dollar caused Gold to test its $1,250 per ounce support level this morning. Gold reached a low of $1,243 before sizeable buying appeared, driving the price back up to $1,260 per ounce. It’s clear to me that professional traders have set their program trading software to buy Gold on any weakness. At 11am PST today, Gold is down $9 per ounce, trading at $1,257 on excellent volume.

SILVER

The Silver price declined sharply with Gold in early trading, reaching $15.18 per ounce. Silver has shown that demand is strong when it approaches the $15 per ounce support level. At 11am PST today, Silver is trading at $15.35 per ounce, down $0.10 on good volume.