Daily Market Report 10/1/15

GOLD

After hitting $1,156 last Thursday, Gold has declined 5 trading days in a row. Today, Gold reached a low of $1,111 per ounce on normal volume, before buyers appeared. Unless Gold breaks back above the $1,120 by Monday, I am looking for a re-testing of the $1,100 per ounce long term support level. At 11am PDT today, Gold is trading at $1,114 per ounce, down $2 on average volume.

SILVER

Silver continues to show more price support than Gold. Silver has found substantial demand every time it drops below the $14.50 per ounce level. This morning it reached a low of $14.46 and quickly rallied back to $14.55 per ounce. At 11am PDT today, Silver is down $0.01, trading at $14.54 per ounce on average volume.