Daily Market Report 07/30/14

GOLD

During today’s trading, Gold has fallen below the $1,300 support level, while struggling to stay above the 50-day moving average at $1,294. Yesterday, more economic sanctions where placed on Russia, but this did little to support Gold and even though geopolitical tensions remain very high, Gold is beginning to feel a bit tired and vulnerable to test the $1,285.00 support level. At 11am PDT today, Gold is trading at $1,295, down $4 per ounce on average volume.

SILVER

Today, Silver has been mostly trading in the $20.50 area on light volume. Silver did reach a low of $20.45 and rallied quickly on bargain buying. At 11am PDT today, Silver is up $0.05 per ounce, trading at $20.55 on normal volume.