Daily Market Report 07/14/14

GOLD

Gold sold off this morning, reaching a low of $1,302 per ounce. We have major support at $1,300 per ounce, while the 100 Day Moving Average is at $1,304. After the recent $90 rally in Gold, it isn’t surprising to have a 1/3 correction, but the clear direction is higher. At 11am PDT today, Gold is trading at $1,306 per ounce, down $30 on heavy trading volume.

SILVER

Silver broke below the key $21 per ounce support level this morning. It’s very important for Silver to rally back above the $21 level within a few days to keep the bullish sentiment. At 11am PDT today, Silver is down $0.52 per ounce, trading at $20.90 per ounce on heavy volume.