Daily Market Report 4/19/16

GOLD

Gold moved back above the key $1,250 per ounce support/resistance level this morning reaching a high of $1,257 before seeing some light profit taking. China launched Yuan-denominated Gold bullion trading today in a move that will further boost its power in the global Gold and foreign exchange markets. Critics of the existing pricing mechanisms hope that it will lead to increased transparency and possibly end price manipulation. At 11am PDT today, Gold is trading at $1,252 per ounce, up $18 on excellent volume.

SILVER

Silver reached a high of $17.11 per ounce today on heavy volume; the highest price in 10 months. Demand continues to be strong as buyers want Silver in physical or paper form. Silver is now up $3.20 (23%) since the beginning of the year. At 11am PDT today, Silver is trading at $16.92 per ounce, up $0.67 on active volume.