Daily Market Report 04/28/14

GOLD

In Asian overnight trading, Gold couldn’t hold above the key $1,300 per ounce price level. Other than the U.S. and European Union slapping new sanctions on Russia, there were no new developments in the Russia-Ukraine crisis.

Gold is holding in a narrow $14 per ounce high/low trading range on average volume. At 11am PDT today, Gold is down $3 per ounce, trading at $1,298 per ounce.

The coming week will provide a good amount of U.S. economic data, with an FOMC (Federal Open Market Committee) meeting of the Federal Reserve on Wednesday, a GDP report on Wednesday, and a April jobs report on Friday from the Labor Department. These economic indicators are likely to affect the Gold and precious metal markets.

SILVER

Silver is trading in a narrow $0.32 per ounce high/low trading range on low volume. Silver will continue to be a bear trade until it moves back above the key $20 per ounce resistance level.

At 11am PDT today, Silver is trading at $19.61 per ounce, down $.05 per ounce on light volume.