Daily Market Report 03/28/14

GOLD

Gold has dropped about $90 per ounce from a six-month high in the last nine trading sessions on declining geopolitical tensions, strong U.S. economic data, and comments by Federal Reserve chairman Janet Yellen that interest rates could rise in the first half of 2015. After hitting $1,285 this morning, Gold rallied and for the most part has traded in the $1,292 to $1,296 area. Monday will be a key day for the direction of Gold. If it doesn’t breakout above $1,300 on good volume, we may test the recent lows. At 11am PDT today, Gold is trading at $1,294, down $1 per ounce on average Friday volume.

SILVER

Today Silver reached a low of $19.61 per ounce, and then tested the $20 resistance level, hitting $19.96 per ounce. I continue to say we need Silver to break back above $20 to change the professional commodity trader sentiment. At 11am PDT today, Silver is up $0.07 per ounce, trading at $19.76 on average volume.