Daily Market Report 10/16/15

GOLD

Short term profit taking took the Gold price down to $1,175 this morning. At that point fresh buyers appeared and the market rallied $6, back above the $1,180 level. However, we have had a great week: up $23 for the week and up $65 for the month, plus Gold has broken above two resistance levels. I think we will see a test of the $1,200 long term resistance level next week. At 11am PDT today, Gold is trading at $1,182.00, down $3.50 per ounce on normal volume.

SILVER

When Gold sold off to $1,175 this morning, Silver was hit hard, driving the price down to $15.93. The Silver bears will not go away; they keep trying to drive the price down below the $16 per ounce support level. Fortunately, Silver rallied back on the strength of the Gold move and fresh buying appeared. At 11am PDT today, Silver is down $0.05, trading at $16.10 per ounce on average Friday volume.