Daily Market Report 07/28/14

GOLD

This morning I am seeing some price consolidation and bargain buying in the world’s Gold markets. There were no major, markets-moving developments on the geopolitical front over the weekend. Today, Gold tested the $1,300 per ounce support level by reaching $1,301.40 before rallying. Gold traded in a very narrow $8 High/Low range while building a strong base for the next leg higher.

At 11am PDT today, Gold is trading at $1,303.50, up $1.50 per ounce on average volume.

SILVER

Silver traded in a narrow $0.23 per ounce trading range from $20.54 to $20.77. At 11am PDT today, Silver is down $0.05 per ounce, trading at $20.54 per ounce on normal volume.