Daily Market Report 7/27/15

GOLD

In early trading Gold moved back above the key $1,100 per ounce resistance level in active trading, reaching a high of $1,105. At that point Gold picked up some short term profit takers and started trading above and below the $1,100 per ounce level. I believe a Gold price above $1,100 per ounce is a key factor for a reversal in the recent down trend. At 11am PDT today, Gold is trading at $1,096 per ounce, up $2 per ounce on excellent volume.

SILVER

After Silver reached a new 2015 low of $14.33 per ounce last week, it found excellent demand this morning and is staying above the $14.50 level. At 11am PDT today, Silver is trading at $14.65 per ounce, up $0.01 since last Friday on average volume.