Daily Market Report 10/7/15

GOLD

Gold has broken above the key $1,150 resistance level six times since August 1, but hasn’t been able to hold. I believe Gold will break through the $1,150 per ounce barrier very soon. This is an important short term resistance area for Gold in order to move to the $1,200 long term resistance level. At 11am PDT today, Gold is trading at $1,149 per ounce, up $2 per ounce on excellent volume.

SILVER

Silver is having a difficult time staying above the key $16 per ounce resistance level. After rallying over $1.50 per ounce since last week on excellent volume, $16 is proving to be a difficult barrier to stay above. At 11am PDT today, Silver is up $.20 per ounce, trading at $16.10 per ounce on excellent volume.