Daily Market Report 1/20/15

GOLD

The bullish upward move in the Gold price continues, testing the very important $1,300 per ounce level today. Gold reached $1,297.40 per ounce this morning, before seeing some short term profit taking and/or fresh shorting. The Gold bears are definitely on the run, with heavy margin calls being sent out this morning. Part of today’s rally was short covering by professional traders over concern about what would happen if Gold breaks above $1,300 per ounce.

At 11am PST today, Gold is trading at $1,292 per ounce, up $16 on excellent volume.

SILVER

Silver moved above $18 per ounce this morning (reaching $18.04) on excellent trading volume. $18 is a key resistance level, and Silver may require a little consolidation before breaking through.

At 11am PDT today, Silver is up $0.24 per ounce, trading at $17.90 on good volume.