Daily Market Report 1/26/15

GOLD

Gold attempted to break above the key $1,300 per ounce level this morning, reaching $1,299.50, but was unable to find the needed demand and then short term selling appeared. Gold found excellent support at $1,275 per ounce and began to consolidate. The $1,300 per ounce level is very important to the Gold rally, so what I would like to see is some base building above $1,280 per ounce for a short time, then a move back above the $1,300 level.

At 11am PST today, Gold is down $13 per ounce, trading at $1,280 on excellent volume.

SILVER

After reaching a high of $18.50 per ounce in early trading, Silver sold off with Gold, hitting a low of $17.84 before sizeable buying appeared. The $18 per ounce level is key right now, we need Silver to close above $18 to keep the bullish sentiment in the trading pits. Because of the New York snowstorm, I would anticipate that trading will be very light on the NY commodity exchanges tomorrow.

At 11am PST today, Silver is trading at $17.95 per ounce, down $0.40 on good volume.