Daily Market Report 9/12/13

GOLD

This morning in Asia Gold broke down below the $1,360 support level and technical traders came in to short the market, driving Gold down to $1,326 per ounce before seeing heavy demand. Other than a report that India’s Gold imports for August were lower than expected, there was no significant negative Gold news.

At 11am PDT today, Gold is trading at $1,330 per ounce, down $35 per ounce on heavy volume.

SILVER

Silver followed Gold’s lead lower, and when it dropped below $23 per ounce there was heavy selling by technical traders, driving Silver to the $22 per ounce support level.

At 11am PDT today, Silver is down $1.02 per ounce, trading at $22.12 per ounce on the heaviest volume of the week.