Daily Market Report 11/17/15

GOLD

I have turned short term negative on Gold, based on yesterday’s failure of Gold to break above the key $1,100 per ounce resistance level. After the terrorist activity in Paris and a rally in crude oil, Gold should have shown “Safe Haven” strength and it didn’t. So, Gold setting a new six year low of $1,064 per ounce today leads me to believe we will hit $1,050 before year end. The Gold & Silver prices are showing that their direction is more influenced by the strength of the U.S. Dollar than by a war against terrorism and higher crude oil prices. At 11am PDT today, Gold is trading at $1,070 per ounce, down $13 on heavy volume.

SILVER

After Gold broke below its $1,072 support level this morning, Silver reached a low of $14.08 per ounce before finding bargain buyers. At 11am PDT today, Silver is down $0.06 per ounce, trading at $14.20 per ounce on heavy volume.