Daily Market Report 4/7/15

GOLD

Today Gold traded in a narrow $9 range from $1,207 to $1,216 per ounce. I like this price consolidation after the recent break above the key $1,200 level. Recently, the strength or weakness of the U.S. Dollar is providing direction for the Gold price. At 11am PDT today, Gold is down $8 per ounce, trading at $1,210 per ounce on average volume.

SILVER

This morning Silver reached $17.03 and quickly sold off, reaching a low of $16.73 per ounce before finding serious demand. I’m disappointed in Silver’s inability to hold above $17 per ounce. At 11am PDT today, Silver is trading at $16.85 per ounce, down $0.25 per ounce on normal volume.