Daily Market Report 3/18/13

GOLD

Gold finally broke above the key $1,600 per ounce resistance level this morning. Earlier today in Asia, Gold traded as high as $1,610 per ounce on news of a radical Eurozone bailout package for Cyprus. This rally was in the face of a very strong U.S. Dollar versus the Euro, which normally is very negative for Gold. Gold needs to close above the $1,600 level for a minimum of two trading days to confirm the breakout, and then we should be off and running. 

At 11am PDT today, Gold is trading at $1,605.50, up $11.00 per ounce on excellent volume

SILVER

Silver initially moved higher with Gold, reaching $29.11 per ounce this morning. However, the $29.00 per ounce level couldn’t hold and Silver sold back to the $28.85 unchanged level.

At 11am PDT today, Silver is up $0.05 per ounce, trading at $28.90 on average volume