Daily Market Report 3/1/13

GOLD

Reports of weak economic growth in Europe have led to a weaker Euro versus the U.S. Dollar today. A strong U.S. Dollar is bearish for Gold, and we are seeing Gold trade today between $1,571 and $1,588 per ounce on light volume. At 11am PDT today Gold is trading at $1,574 per ounce, down $4 on light volume.
The short term technical outlook for the Gold price is excellent support at $1,555.00 and major central bank type support at $1,525.00, with some resistances at $1,600.00 and major resistance at $1,615.00 per ounce.

SILVER

We continue to see record demand for physical Silver. The U.S. Mint sold 10,866,500 one ounce .999 Silver Eagles in the first two months of 2013, an all-time record high. At 11am PDT Today, Silver is up $0.12 per ounce, trading at $28.52 per ounce on average Friday type volume.