Daily Market Report 7/24/15

GOLD

$1,080 is a very important support level for Gold right now. Gold hit $1,077 per ounce in overnight trading and quickly rallied back above $1,080. A confirmed breakdown below $1,080 could result in a decline to $1,044 per ounce; a historic major support level. I would like to see Gold rally back above the $1,100 resistance level by Monday to become more bullish on the price. At 11am PDT today, Gold is trading at $1,094 per ounce, unchanged from yesterday’s close on excellent volume for a Friday.

SILVER

Silver hit a low of $14.36 per ounce this morning before finding bargain buyers who took it quickly back above $14.50 per ounce. At 11am PDT today, Silver is down $0.10 per ounce, trading at $14.64 per ounce on good volume.