Daily Market Report 3/27/15

GOLD

Yesterday, Gold broke back above the key $1,200 per ounce support/resistance level on excellent trading volume. Over 245,000 CME April hundred-ounce Gold contracts were traded yesterday. This high trading volume is very bullish, and a sign of professional short covering and fresh buying.

Gold has traded today between $1,192 and $1,206 per ounce trying to establish a new trading range, hopefully above the $1,200 level. At 11am PDT today, Gold is trading at $1,201 per ounce, down $4 on average volume.

SILVER

Silver broke below the important $17 per ounce level briefly this morning, reaching $16.84 per ounce, then quickly rallied back above $17. At 11am PDT today, Silver is trading at $17.08, down $0.02 per ounce on light volume.