Daily Market Report 04/22/14

GOLD

Gold extended losses for a fourth straight day as outflows from physical Gold ETF, SPDR Gold Trust, (GLD) reached 792.14 tonnes late Monday, the lowest level since January. Gold wasn’t able to hold the $1,280 support level early this morning, reaching a low of $1,276 per ounce. A 480,000 ounce sell order hit the market this morning, taking the price down $6 per ounce. At the lower level sizeable demand appeared, driving Gold back up to the mid-$1,280 per ounce level. At 11am PDT today, Gold is down $7 per ounce, trading at $1,282 per ounce on excellent volume.

SILVER

Silver traded below $19.30 again today, reaching a low of $19.28 per ounce before rallying back. At 11am PDT today, Silver is trading at $19.38, unchanged from yesterday’s close.