Daily Market Report 2/4/14

GOLD

For most of the day, Gold has shown excellent support over the $1,250 per ounce price level. A bounce back in U.S. equities and a stronger U.S. Dollar have caused some commodity traders to take some short term profits in Gold. It would be very bullish if Gold could build a base above the important $1,250 support level for at least the next week. Gold remains below its 100 day moving average of $1,271, which has stopped Gold in its tracks three times in the past two weeks. At 11am PDT today, Gold is trading at $1,251 per ounce, down $9 per ounce on average volume.

SILVER

Silver has shown excellent support above the $19.25 level today, while trading in a tight $0.27 per ounce price range. Physical demand for Silver investment products continues to be strong though Asia, the Middle East, Europe, and in North America. At 11am PDT today, Silver is up $0.02 per ounce, trading at $19.42 per ounce on light volume.