Daily Market Report 03/04/14

GOLD

Gold sold off 1% today on easing of tensions between the Ukraine and Russia. Gold did reach $1,331 per ounce before rallying back on fresh buying. Gold is trading within a tight range, looking for a technical break out. The following are the current technical resistance and support levels.

Technical Levels for Gold:

• Significant upside resistance at $1357/$1361
• Gold’s resistance objectives at $1381, $1400, $1415/33
• Gold Support level $1320/22, 1300/06- bullish invalidation
• If Gold breaks below $1268/70- very bearish

At 11am PDT today, Gold is trading at $1,337, down $12 per ounce on average volume.

SILVER

Silver tested its $21 per ounce support level this morning and held, reaching $21.01 per ounce before seeing fresh buying. At 11am PDT today, Silver is down $0.22 per ounce, trading at $21.19 per ounce on normal volume.