Daily Market Report 4/24/15

GOLD

Gold tested its $1,180 support level this morning, reaching a low of $1,175.10 per ounce. Before most major Gold rallies, I normally see a clean out of weak investors holding exchange 100-ounce Gold contracts on margin. This clean out is quick, with high trading volumes, and causes panic stop-loss selling for one or two days. This creates a new short term bottom. We could be coming to that phase in the Gold market very soon. At 11am PDT today, Gold is trading at $1,177, down $19 per ounce on average volume.

SILVER

Silver is showing good support at the $15.60 per ounce level, but the trend is still weak. At 11am PDT today, Silver is down $0.20, trading at $15.71 per ounce on normal volume.