Daily Market Report 05/24/12

GOLD
If you think the market trading price for gold looks like a yo-yo, you would be right. The lack of any realistic direction or decision coming from the recent Euro-zone summit in Brussels has caused this problem. Gold is hovering around $1,560 an ounce today as analysts show concern about Greece and the Euro-zone continued to dominate market sentiment after a European Union summit yielded few practical steps to manage the debt crisis. EU leaders ended their summit by agreeing that Greece needed to stay in the Euro-zone but could not define any meaningful action that could be taken, leaving the serious discussion of Eurobonds for the next summit. At 11am PDT, Gold is up $6.40, trading at $1,556.40 on average volume, with a thin $1,552 to $1,578 trading range.

SILVER
Silver really wants to stay above the $28 per ounce support level, as Silver has dropped below $28 five times in the last two weeks and rallied back every time.  At 11am PDT, Silver is holding around $28.20, up $0.60 from yesterday on normal trading.