Daily Market Report 4/28/15

GOLD

With Gold breaking back above the key $1,200 resistance level yesterday, this morning there is a lot of professional short covering. Last Friday, Gold broke below the recent $1,180 to $1,220 per ounce trading range, which caused many professional traders to short Gold contracts. Today, with Gold firmly above $1,200, they are covering those short sales. At 11am PDT today, Gold is trading at $1,214, up $12 per ounce on excellent volume.

SILVER

As Gold moved back above the $1,200 level yesterday, Silver rallied quickly, and with a higher percentage increase. The Silver/Gold ratio has moved from 75.15-to-1 on Friday, to 72.98-to-1 today. At 11am PDT today, Silver is up $0.31 per ounce, trading at $16.70 on good volume.