Daily Market Report 04/03/14

GOLD

Gold is trying to stabilize in the $1,280 to $1,300 per ounce level. Considering the trading volumes haven’t been that high the market is trying to consolidate in this trading range. A breakdown below $1,277 could cause technical selling down to $1,260, while a strong move above $1,300 could drive the price back to the $1,320 area. At 11am PDT today, Gold is trading at $1,285 per ounce, down $5.40 per ounce on average volume.

SILVER

Silver opened trading this morning above the key $20 per ounce support level, but quickly sold down. For most of the day, Silver has traded in the $19.70 to $19.90 per ounce range. $20 is still the key number, and Silver needs to quickly rally back to get bullish sentiment. At 11am PDT today, Silver is down $0.20 per ounce, trading at $19.82 per ounce.