Daily Market Report 9/27/13

GOLD

Today, comments from a Federal Reserve official suggested an $85 billion bond-buying taper could be pushed out to next year causing Gold to rally $12 per ounce. Gold did reach $1,344 per ounce before seeing professional taking profits before the weekend.

At 11am PDT today, Gold is trading at $1,337 per ounce up $12 per ounce on average volume.

SILVER

With today’s Gold rally Silver made another attempt to break above the $22 per ounce resistance level, reaching $22.13 per ounce, but couldn’t hold. Silver is finding support in the $21.40 price area, but must break above $22 and stay for a minimum of three trading days to encourage traders to go long.

At 11am PDT today, Silver is up $0.05 per ounce, trading at $21.77 per ounce on normal trading volume.