Daily Market Report 02/27/14

GOLD

Yesterday, the Commerce Department reported that January sales of new U.S. single-family homes jumped 9.6% to 468,000 homes surging to a 5-1/2-year high. This news eased concerns of a sharp slowdown in the housing market, causing Gold to drop more than 1%.

Today, Gold has been trading in a narrow range as it continues to consolidate in the $1,320 to $1,350 per ounce level. At 11am PDT today, Gold is trading at $1,324 per ounce, down $3 on average volume.

SILVER

Silver tested the $21.00 per ounce support level this morning, trading as low as $20.97, but quickly bounced back up. At 11am PDT today, Silver is trading at $21.22 per ounce, down $0.06 per ounce on light volume.