Daily Market Report 1/29/14

GOLD

As we wait for today’s announcement from the Federal Reserve on their $75 billion monthly bond buying program, Gold rallied. There is sizeable support for Gold around the $1,250 per ounce level and this morning in Asia there was renewed interest which drove Gold up to test the $1,270 resistance level. At 11am PDT today, Gold is trading at $1,265 per ounce, up $14.50 per ounce on excellent volume.

SILVER

Silver tested the $20 resistance level this morning as Gold rallied. However, Silver couldn’t hold the rally because profit taking and short sales drove it back down to $19.60 per ounce. At 11am PDT today, Silver is up $0.18 per ounce, trading at $19.67 on average volume.