Daily Market Report 12/18/15

GOLD

Gold rallied this morning as the U.S. Dollar weakened in overnight trading. I suspect that Gold rebounded as traders covered their positions going into the weekend. It’s a positive sign to see Gold correct, but I’d like to see it test the $1,080 level hopefully in the not to distant future, as that has been the short-term resistance this month. At 11am PDT today Gold is trading at $1,065 up $15 on above average volume.

SILVER

Silver continues to follow Gold’s lead again today. I like that Silver is trading over $14 after dipping below that level part of the week. As traders cover their positions, Silver is going into the weekend above $14. At 11am PDT today Silver is up $0.37, trading at $14.11 on normal volume.