Daily Market Report 5/19/15

GOLD

This morning the European Central Bank’s suggestion that it may speed up bond buying caused the U.S. Dollar to rally and precious metals to sell off. Today’s decline in the Gold price broke the five day rally, while testing the key $1,200 per ounce support level. At 11am PDT today, Gold is trading at $1,209, down $18 per ounce on strong volume.

SILVER

Silver took its lead from Gold and broke below the $17 level for a short period of time, reaching $16.87 at the low. Bargain buyers quickly appeared after breaking $17 and took the price back up. At 11am PDT today, Silver is down $0.58, trading at $17.12 per ounce on excellent volume.