Daily Market Report 05/27/14

GOLD

The April US Durable Goods Order was released this morning and it was better than expected, climbing for the third straight month. This caused the US Dollar to move higher versus the Euro and Gold started to fall. Trading volume picked up with over 225,000 hundred ounce June contracts being traded, the highest volume this year. Technical support broke down when Gold dropped below $1,280 and moved to today’s low of $1,264 per ounce. At 11am PDT today, Gold is down $25, trading at $1,266 per ounce on heavy volume.

SILVER

Silver followed Gold lower today, hitting a low of $19.03 per ounce. When Silver reached today’s lows, trading volume picked up to the highest level it’s been at this month. At 11am PDT today, Silver is trading at $19.10 per ounce, down $0.40 per ounce on heavy volume.