Daily Market Report 3/23/16

GOLD

Today the Gold price fell $30 to its lowest price in weeks, as the dollar strengthened following hawkish comments by Federal Reserve Bank of Philadelphia President Patrick Harker. Harker said the Fed needs to get on with rate hikes and should consider a move in April. This now brings the total to four regional Fed Presidents who have rebuffed Chair Yellen in the press since last week’s FOMC meeting and are calling for a quarter point hike during the April meeting.

I believe today is an excellent buying opportunity for long term Gold investors. There is a small chance that Gold could reach the $1,200 per ounce support level. But, there is a better chance that the Gold price would have a sharp rally as Asian bargain buyers or central banks become aggressive this week. At 11am PDT today, Gold is trading at $1,224 per ounce, down $23 on heavy volume.

SILVER

The Silver price followed Gold downward this morning, reaching a low of $15.21 per ounce. At that point bargain buying appeared and the price showed support and rallied. At 11am PDT today, Silver is down $0.55, trading at $15.29 per ounce on heavy volume.