Daily Market Report 5/13/15

GOLD

Gold moved back above the key $1,200 per ounce resistance level, reaching a high of $1,219. The move up was based on this morning’s report from the Bank of England. The report stated that Greece is ’Not Complacent’ on its debt and the risk of default is high. European Union data confirmed today that Greece slipped back into recession in the first quarter, showing the confrontation between the Athens government and its creditors and the uncertainty about the country’s ability to pay its debts. In the US markets, the 10-year bond auction yield fell to 2.23%. That, combined with reports that U.S. Retail sales fell in April and the US Dollar is weaker versus the Euro, led Gold to rally $25 per ounce today. At 11am PDT today, Gold is trading at $1,216 per ounce, up $22 on excellent volume.

SILVER

Based on the above information Silver quickly moved above the $17 per ounce short term resistance level, reaching a high of $17.26 per ounce. At 11am PDT today, Silver is up $0.62 (3.7%), trading at $17.17 per ounce on excellent volume.