Daily Market Report 5/7/15

GOLD

Gold tested the $1,180 level today, dropping to $1,179 at one point as the US Dollar strengthened against the Euro. At that point the bulls came in and Gold has shown good support at the $1,180 level. After seeing this response compared to the last few weeks, I am hoping to see Gold rally back above this important support level. At 11am PST today, Gold is trading at $1,183.80, down $8.40 on average volume.

SILVER

Silver followed Gold’s lead today and has been trading in about a $0.50 range between $16.07 to $16.56. I like the fact that Silver didn’t even touch the $16 level as that shows a lot of good strength in the market. At 11am PST today, Silver is trading at $16.39 down $0.20 on light volume.