Daily Market Report 07/15/14

GOLD

Yesterday’s $30 decline in Gold was the largest one day loss this year. What does that mean? Despite the fact we are in the summer months, normally a quiet time, it means the volatility in the Gold market is picking up. After Gold’s $90 increase in six weeks, having a 1/3 correction is acceptable, especially if Gold can hold above a critical support level ($1,300 per ounce).

Gold reached a low of $1,291.90 this morning before sizeable buying appeared. I would like to see Gold rally back above the $1,300 per ounce level within the next two trading days. At 11am PDT today, Gold is trading at $1,297, down $9 per ounce on excellent trading volume.

SILVER

This morning Silver briefly rallied back above the $21 per ounce level, but couldn’t stay there. Increased selling from traders appeared when Silver couldn’t hold above $21, which took the price down to $20.67. At 11am PDT today, Silver is down $0.08 per ounce, trading at $20.82 per ounce on excellent volume.