Daily Market Report 5/14/13

GOLD

Earlier this morning in Asian markets, many economists cut China’s economic growth forecasts for the coming year. The revised forecasts lowered China’s growth from 8% to 7.8%. This news negatively affected the Gold and Silver prices. This morning Gold tested the key $1,420 per ounce level and held. To become short term bullish, we need to see Gold break back above the $1,450 per ounce area.

At 11am PDT today, Gold is trading at $1,427 per ounce, down $9 per ounce on average volume.

SILVER

Silver hit $23.13 per ounce earlier this morning on the Chinese economic news, then quickly bounced back. We continue to see excellent support for Silver above $23 per ounce.

At 11am PDT today, Silver is down $0.30 per ounce, trading at $23.43 per ounce.