Daily Market Report 04/03/12

GOLD
Gold traded today in a narrow range, from $1,666.30 on the low to $1,682.20 on the high. Right now Gold appears to be building a nice base for its next attempt to break above the important $1,700 market level.

At 11am PDT, Gold is trading at $1,671.40, down $7.80 per ounce on normal volumes of trading.

The Gold Comex net speculative position added 70.4 tonnes to 514.6 tonnes of gold last week, which marks the first increase in four weeks, according to CFTC data. This was the result of the addition of 49.9 tonnes in new speculative Gold longs and the unwinding of 20.5 tonnes of shorts.

SILVER
Silver is behaving better than gold today.  It’s staying above the important resistance $33.00 per ounce level. At 11am PDT, Silver is up $0.12 per ounce, trading at $33.22 per ounce on a little better than average volume.