Daily Market Report 7/14/15

GOLD

Gold traded today in a very narrow $7 high/low price range, between $1,153 and $1,160 per ounce. Based on the current news, I am disappointed that Gold hasn’t already broken out on the upside. Since the beginning of the year, every time Gold trades below $1,150 per ounce, sizeable demand appears and the market quickly bounces back. So, I am beginning to think we may see a quick drop to test the recent $1,141 low, followed by a fast $20 rally on heavy volume.

U.S. retail sales fell a disappointing 0.3% in June, suggesting consumer spending may be leveling off after bouncing back from a sluggish winter sales season.

At 11am PDT today, Gold is trading at $1,155, down $2 per ounce on average volume.

SILVER

Silver reached a low of $15.27 per ounce earlier today. Silver quickly rallied to above $15.50 before seeing 2-sided active trading. At 11am PDT today, Silver is down $0.14, trading at $15.38 per ounce on average volume.