Daily Market Report 9/24/15

GOLD

This morning we saw a bullish breakout in the Gold price, based on the following four factors:

1. Increased buying from jewelers and bullion dealers in India, which is being caused by the ongoing Wedding Season demand for physical Gold and Silver.
2. Weak equity markets around the globe.
3. A weak U.S. Dollar versus the Euro.
4. Janet Yellen is speaking tonight and the concern is she may give indications that the Federal Reserve isn’t going to raise interest rates this year.

Gold broke out above its $1,150 per ounce resistance level this morning, reaching a high of $1,157 per ounce. For most of today’s trading Gold has stayed above the $1,150 level. At 11am PDT today, Gold is up $21 per ounce, trading at $1,153 per ounce on heavy volume.

SILVER

When Gold broke out above the $1,150 resistance level, Silver followed, breaking above the key $15 per ounce resistance level. Silver reached a high of $15.23 per ounce before seeing short term profit taking. At 11am PDT today, Silver is trading at $15.15 per ounce, up $0.35 on excellent volume.