Daily Market Report 3/25/15

GOLD

For most of today’s trading Gold has traded in a very narrow $3 high/low price range, from $1,196 to $1,199. Trading volume has been surprisingly above average, considering the narrow range. This consolidation is healthy, and when Gold breaks above the key $1,200 per ounce resistance level it should quickly move up $20 per ounce. Physical Gold demand has exploded in March, with estimates of 150 tonnes for Indian imports. At 11am PDT today, Gold is trading at $1,197 per ounce, up $4 per ounce on above average volume.

SILVER

Silver has traded above and below the $17 per ounce resistance/support level all day. At $17.16 per ounce I saw some professional shorting and profit taking. At $16.83 per ounce there was excellent demand. At 11am PDT today, Silver is up $0.06, trading at $17.01 per ounce on good volume.