Daily Market Report 2/22/13

GOLD

Gold had an exciting week, dropping $30 per ounce due to margin call selling after breaking through the $1,600 per ounce support level. Gold has found short term support at $ 1,555 level yesterday and has over the over the past two years found long term support at $1,525 per ounce. 

Over the weekend we will have Italy’s elections to select a new government and parliament. The results of these elections could affect the future value of the Euro versus the U.S. Dollars, which has a direct relationship to the price of Gold. 

At 11am PDT Today, Gold is trading down $4 per ounce, at $1,574 on average Friday volume.

SILVER

Silver traded today in a narrow $0.61 price ranging from $28.98 on the high and $28.37 on the low. I need to see Silver break above $29 per ounce to be short term bullish. 

At 11am PDT Today, Silver is down $0.09 per ounce trading at $28.56 per ounce on light Friday type volume.