Daily Market Report 4/11/13

GOLD

After yesterday’s correction, Gold moved higher and has stayed in a relatively tight $15 trading range today. Gold hit major support around $1,553 per ounce earlier this morning before seeing major short covering and fresh buying interest. Gold is showing excellent strength in the face of another 13 ton drop in the Gold ETF (GLD) SPDR’s holdings, down to 1,183 tonnes.

At 11am PDT today, Gold is trading at $1,564, up $4 per ounce of average volume.

SILVER

For the first time in a while Silver is actually showing better price support than Gold. With Gold down $27 per ounce yesterday, Silver only dropped $0.30; very surprising considering it couldn’t stay above the key $28 per ounce support level. I still need to see Silver above $28 per ounce before I would get short term bullish.

At 11am PDT today, Silver is trading up $0.10, at $27.75 per ounce on average volume.