Daily Market Report 2/25/15

GOLD

After hitting a monthly low of $1,190 per ounce yesterday, Gold found a few sellers which caused the price to rally to today’s high of $1,212.30. The light volume is an excellent indicator of a lack of fresh selling and possibly short sellers taking profits. Chinese buyers returning from a week-long Lunar New Year holiday were active bargain buyers. It appears that the bears were unsuccessful in their attempt to break down the Gold price below the yearly low of $1,177.80. At 11am PST today, Gold is trading at $1,203 per ounce, up $5 on average volume.

SILVER

Federal Reserve Chair Janet Yellen indicated to the Senate Finance Committee that the Fed was “unlikely” to raise interest rates in the next few months, given current economic conditions. This caused the U.S. Dollar to weaken and Silver to rally more than 3% in after-market trading. At 11am PST today, Silver is up $0.20 per ounce, trading at $16.46 on normal volume.