Daily Market Report 3/15/16

GOLD

Gold reached a two week low this morning of $1,226 per ounce before finding heavy buying. Many traders are going neutral on Gold ahead of this week’s Federal Reserve meeting. The concern is that the Fed may give an indication that they could raise U.S. interest rates in June. If there isn’t any Fed statement suggesting an interest rate increase coming soon, I believe we will see a quick rally in Gold. At 11am PDT today, Gold is trading at $1,230 per ounce, down $11 on average volume.

SILVER

Silver reached $15.18 per ounce this morning in Asian trading. Both physical and futures demand appeared when Silver broke below $15.20 per ounce. At 11am PDT today, Silver is down $0.20, trading at $15.28 per ounce on normal volume.