Daily Market Report 03/12/14

GOLD

Gold rallied sharply this morning, reaching a six month high of $1,371 per ounce, based on fears of more corporate defaults in China and the continued geopolitical problems with Russia and the Ukraine. With Gold making a solid break above the key $1,350 per ounce resistance level, the next resistance level I am looking at is $1,381.

At 11am PDT today, Gold is trading at $1,367, up $20 per ounce on heavy volume.

SILVER

Silver followed Gold higher this morning with a 2 1/2 % move up, reaching a high of $21.44 per ounce. After breaking down last week below the key $21 per ounce level, Silver needs to consolidate in the $21 to $22 level to regain trader bullish favor.

At 11am PDT today, Silver is up $0.45, trading at $21.27 per ounce on better than average volume.