Daily Market Report 06/09/14

GOLD

Gold stayed above the key $1,250 per ounce level the entire trading day in a very narrow $6 high/low price range. I did notice some professional trader short covering this morning. Over the weekend, China announced that its May trade surplus had increased 94% since last month, but imports had declined. At 11am PDT today, gold is trading at $1,254 per ounce, up $2 on average volume.

SILVER

Earlier this morning, Silver tested the $19 per ounce support level and held. Silver rallied in late morning trading, reaching a high of $19.23 before seeing short sales or profit taking. At 11am PDT today, Silver is up $0.05 per ounce.