Daily Market Report 9/22/15

GOLD

Gold sold off in early Asian trading due to light short term profit taking. The price of Gold declined to $1,121.30 per ounce before fresh buying appeared. It would be healthy for Gold to settle into a $1,120 to $1,150 per ounce trading range for a few days. At 11am PDT today, Gold is trading at $1,126 per ounce, down $7 on good volume.

SILVER

Silver broke below the key $15 per ounce support/resistance level in early trading. After the break, Silver quickly moved down to $14.69 as technical traders shorted the market. Short covering and fresh buying appeared around $14.70 and the price stabilized above $14.75 per ounce. It’s very important that Silver quickly move back above the key $15 per ounce level within the next couple trading sessions. At 11am PDT today, Silver is down $0.42 per ounce, trading at $14.80 on excellent volume.