Daily Market Report 1/28/15

GOLD

Gold traded in a narrow $10 high/low price range today, from $1,284 to $1,294 per ounce. I believe today’s trading is an excellent sign that Gold continues to consolidate its recent gains, while building an excellent base for its next move to the $1,300 per ounce resistance level. At 11am PST today, Gold is trading at $1,286 per ounce, down $7 on average volume.

SILVER

Silver briefly broke down below the key $18 per ounce level, hitting $17.90 per ounce. At that point fresh buying appeared and Silver quickly rallied back above $18 on good demand. At 11am PST today, Silver is down $0.02 per ounce, trading at $18.08 per ounce on normal trading volume.