Daily Market Report 03/24/14

GOLD

Gold has come down today following the NASDAQ and the Dow’s lead. It’s good that we’re seeing some support around the 200 day moving average and not at the $1,300 level which makes me feel that there’s more support then I originally assumed for Gold to be over $1,300. With the recent run on Gold over the last few weeks it’s starting to look like a good time to take advantage of this dip in prices before its next run. I still think with the strong fundamentals that we’ll be seeing Gold trading a lot higher by the end of the year.

At 11am today, Gold is trading at $1,312.70 per ounce, down $23.00 per ounce on good volume.

SILVER

Silver is doing very well compared to Gold today as it tested the $20 level and very quickly saw support coming in. I’d like to see it close over this resistance level to continue building support.

At 11am PDT today, Silver is trading down $0.24 per ounce, at $20.14 per ounce on above average volume.