Daily Market Report 03/22/12

GOLD
At 11am PDT, Gold is trading at $1,642.00 per ounce down $0.80 per ounce on average volume
Gold prices had little change on Thursday, hovering around $1,640 to $1,650 an ounce level. Investors weighed recent improvement in the U.S. economy against the continuing shrinkage of Chinese manufacturing activities.

India’s jewelers, who are protesting a hike in taxes on non-branded gold jewelry and on gold imports, extended a strike for a fifth day, adding pressure on the precious metal’s price, analysts said Wednesday. The nationwide strike, the first one by the industry here in seven years, comes after the government announced the new taxes in its annual budget plan last week. This is causing a drop in physical demand for Gold from India, one of the world’s largest consumer of gold.

SILVER
Silver needs to stay above $32.00 an ounce for the continued short term bullish move. This is really a bull/bear fight, and the results could mean $30 silver and $36 silver. Right now at 11am PDT, Silver is trading at $31.49 per ounce, down $0.34 per ounce.