Daily Market Report 7/25/13

GOLD

Gold continues to show excellent support above the important $1,300 per ounce level. As Gold consolidates today in the $1,320 - $1,330 price level, it looks very bullish. Physical demand numbers from Asia, Europe and the U.S. are looking very strong. This is surprising considering that we are in the summer, normally a low demand period.

At 11am PDT today, Gold is trading at $1,329 per ounce, up $12 per ounce on average volume.

SILVER

Silver tested that $20 per ounce support level again this morning, reaching a low of $19.78 per ounce before rallying back up. Silver needs to stay above $20 per ounce for the balance of the week to build confidence with the professional traders and hedge funds.

At 11am PDT today, Silver is up $0.12 per ounce, trading at $20.20 per ounce on light volume.