Daily Market Report 07/10/14

GOLD

Gold broke out this morning, moving above its recent trading range between $1,305 and $1,332 per ounce. At one point in early Asian trading, Gold reached $1,345 per ounce before seeing some light selling. At 11am PDT today, Gold is trading at $1,337 per ounce, up $14 on excellent volume.

Chinese economy coming back strong

Chinese exports rose 7.2 percent in dollar terms from a year earlier, up slightly from May’s 7 percent growth, the General Administration of Customs said Thursday. However, the amazing number is Imports, which increased over 700%, by growing 5.5% in June, after dropping 1.6% in May.

SILVER

Silver moved higher this morning with Gold, reaching its next resistance level of $21.60 per ounce on excellent demand. This is Silver’s first attempt to break above the $21.60 resistance level. At 11am PDT today, Silver is up $0.40 per ounce, trading at $21.45 per ounce on excellent volume.