Daily Market Report 10/15/15

GOLD

Gold has moved higher seven of the last eight trading days, from $1,113 to $1,191 per ounce. Today, the breakout continues with Gold reaching a high of $1,191.80 per ounce on its way to test the long term $1,200 resistance level. What is driving the Gold price higher is short covering and fresh buying. A firm move above $1,200 per ounce will increase the short covering and give an excellent signal that the four year down market in the Gold price has ended. At 11am PDT today, Gold is up $3 per ounce, trading at $1,185.50 on excellent volume.

SILVER

The strength of the Gold price has provided excellent support for Silver. Silver did breakdown below the $16 per ounce level, reaching $15.92 earlier this morning, but quickly rallied back as Gold moved above $1,190 per ounce. There was some profit taking earlier today when the price reached $16.22 per ounce. At 11am PDT today, Silver is trading at $16.15 per ounce, up $0.01 on average volume.