Daily Market Report 04/25/14

GOLD

Renewed tensions between Moscow and Western powers over Ukraine have caused Gold to rally this morning, moving above the key $1,300 per ounce resistance level. Today’s rally was very noteworthy considering that Gold hit a 2-1/2 month low of $1,268.24 on Thursday. Depending on what happens over the weekend in Ukraine, Monday could be an exciting down in the Gold market. At 11am PDT today, Gold is trading at $1,301 per ounce, up $10 on average volume.

SILVER

Considering Gold has broken back above the key $1,300 per ounce resistance level, I am very disappointed in Silver’s market performance today. Silver should have at least attempted a breakout above $20 per ounce level this morning and only reached $19.83 before short selling hit the market. At 11am PDT today, silver is down $0.04 per ounce, trading at $19.66 per ounce on average volume.