Daily Market Report 5/20/13

GOLD

Today we saw a very bullish super reversal day, as Gold hit a low of $1,336 and quickly rallied on very heavy volume to reach $1,397 per ounce. This is a very positive sign that Gold has reversed it short term price direction and is now heading higher. Today we also saw any increase in hedge funds buying Gold.

At 11am PDT Gold is trading at $1,385 per ounce, up $21 per ounce on very heavy volume.

SILVER

This morning we saw sizeable volatility in the Silver price, reaching an unbelievable 3 year low of $20.25 per ounce in Asia, before reversing direction (along with Gold), and rallying to a high of $23.24 per ounce on very strong demand.

At 11am PDT today, Silver is up $0.35 per ounce, trading at $22.67 per ounce on heavy volume.