Daily Market Report 7/24/13

GOLD

Gold prices fell a little more than 1% today, as gains in the U.S. Dollar versus a basket of currencies prompted some investors to take some short term profits. What is more important is that today is the third day that Gold has closed above the important $1,300 per ounce level, consolidating its recent gains and confirming this is a very bullish breakout.

At 11am PDT today, Gold is trading at $1,317 per ounce, down $18 per ounce on active volume.

SILVER

Silver tested the very important $20 per ounce support level this morning, reaching a low of $20.00 per ounce before seeing sizeable buying. If Silver can stay above $20 per ounce by close of trading today this would be a bullish sign.

At 11am PDT today, Silver is trading at $20.08 per ounce, down $0.22 per ounce on excellent volume.