Daily Market Report 9/17/14

GOLD

Gold has traded in a very narrow $5 high/low trading range today, with $1,239 being the high and $1,234 per ounce being the low, on very light trading volume. There will be a breakout of this narrow range very soon and I give it a 70% chance that it will be lower. The breakout could come as soon as today after Chairman of the Federal Reserve, Janet Yellen, speaks and releases the report.

At 11am PDT today, Gold is trading at $1,236 per ounce, unchanged from yesterday on light volume.

I have attached a link to a highly informative article by Michael Pento on Goldman Sach’s Gold prediction, definitely worth reading. It’s called “Why Goldman Sachs is wrong on Gold”
http://www.mintstategold.com/investor-education/goldman_sachs_wrong_on_gold/

SILVER

Today Silver attempted twice unsuccessfully to move above the $18.80 per ounce level. We have seen excellent support around $18.50, but Silver is still in a short term bear market.

11am PDT today, Silver is trading at $18.72 per ounce, up $0.02 on light trading.