Daily Market Report 5/20/15

GOLD

Yesterday precious metals sold off sharply as the result of a surging U.S. Dollar. While Gold fell below the 200-day moving average of $1,216, it held above the very important $1,200.00 support level. Today, Gold tested, and held, the $1,200 support level again. I am looking for Gold to stabilize within the $1,200 and $1,220 per ounce trading range. At 11am PDT today, Gold is trading at $1,210 per ounce, up $1 on average volume.

SILVER

Silver briefly broke below the $17 per ounce level this morning, reaching $16.93 at the low. Silver quickly rallied back above $17 on fresh buying, reaching a high of $17.31 per ounce. At 11am PDT today, Silver is unchanged, trading at $17.12 per ounce on normal trading volume.