Daily Market Report 04/24/14

GOLD

Gold sold off in early morning Asian trading, reaching a 3 month low of $1,268 per ounce. Then news of increasing tension in Eastern Ukraine between pro-Russian separatists and Ukraine troops caused the Gold market to quickly turn higher. Today’s trading volume was the highest for the week, as Gold attempts to accomplish an inter-day reversal. Today’s high/low price range is $30 per ounce, the highest I have seen this month. At 11am PDT today, Gold is trading at $1,291 per ounce, up $6.50 on heavy volume.

SILVER

Silver followed Gold down earlier this morning and actually broke the $19.00 per ounce resistance level, reaching a low of $18.93. Then after the Ukrainian news broke, Silver quickly rallied up, hitting a high of $19.94 per ounce before seeing short term profit taking. At 11am PDT today, Silver is trading at $19.70 per ounce, up $0.27 on heavy volume that was double yesterday’s.