Daily Market Report 05/12/14

GOLD

Gold traded at a low of $1,281 per ounce in the early Asian morning trading. The sell-off was likely caused by comments the Chinese premier made over the weekend in which he said China needs to react to the slowing pace of economic growth. After reaching $1,281 per ounce, Gold quickly rallied on fresh buying to $1,304 per ounce before seeing short term profit taking and short sales.

At 11am PDT today, Gold is up $9 per ounce, trading at $1,296 per ounce on excellent volume.

SILVER

Silver tested the $19.00 per ounce support level earlier this morning, and showed good demand at $19.03, the low of the day. Silver quickly rallied with Gold and moved to $19.69 per ounce. At 11am PDT today Silver is trading at $19.56 per ounce, up $0.46 per ounce on good demand.