Daily Market Report 3/26/13

GOLD
Gold fell below the key $1,600 per ounce support level this morning after Cyprus averted a financial crisis and clinched a last-ditch rescue deal. The European Central Bank is working to calm anxiety that this bailout could have negative implications for other Eurozone countries. At 11am PDT today, Gold is trading at $1,597 per ounce, down $6 per ounce on excellent volume.

SILVER
Over the past few weeks Silver has been range bound ahead of the Easter holiday weekend. Other than the brief close above $29 per ounce last Thursday, Silver has stayed between $28.50 and $29 per ounce. This consolidation is excellent considering the recent strength of the U.S. Dollars and the weak economic news coming out of the Eurozone.  At 11am PDT today, Silver is down $0.08 per ounce, trading at $28.74 per ounce on light volume.