Daily Market Report 5/18/15

GOLD

Gold is up again this morning on fresh Asian buyers. Gold has been up five straight days, breaking above the $1,220 resistance level each day. Hopefully, Gold will now establish a new trading range between $1,220 and $1,260 per ounce. At 11am PDT today, Gold is trading at $1,227 up $3 per ounce on average volume.

SILVER

Silver is outpacing Gold on the upside; now up $1.40 (8.6%) since last Monday. Silver increased all five trading days last week and is finally approaching the very important $18 per ounce long term resistance level. Physical demand continues to be strong in Asian and Middle Eastern markets. At 11am PDT today, Silver is up $0.18 per ounce, trading at $17.70 per ounce on excellent volume.