Daily Market Report 4/1/15
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GOLD
One of the primary indicators of the Federal Reserve Governors in determining the direction of interest rates is U.S. manufacturing. This morning, U.S. manufacturers reported activity in March that had slowed for the fifth consecutive month. The ISM’s manufacturing purchasing manager’s index fell from 52.9 in February, to 51.5 in March. The index has slowed every month since hitting 57.9 in October.
This negative information, combined with a weaker U.S. Dollar versus the Euro, caused Gold to quickly rally back above the key $1,200 per ounce resistance level. After Gold’s move back above $1,200, short covering hit the commodity markets, driving the price higher, reaching $1,208 per ounce. At 11am PDT today, Gold is trading at $1,205 per ounce, up $22 per ounce on excellent volume.
SILVER
Silver rallied with Gold this morning, breaking back above the key $17 per ounce resistance level. At 11am PDT today, Silver is up $0.38 per ounce, trading at $17 per ounce on good volume.