Daily Market Report 10/2/14

GOLD

The Gold price is the key to setting the direction for Silver, and right now it is not looking good. After four attempts to take the Gold value below $1,200 per ounce, today Gold is trading in the $1,208 to $1,222 per ounce range. The turn is coming soon, but I need to see more volatility and trading volume.

At 11am PDT Today, Gold is $1,213 per ounce, down $1 on average trading volume.

SILVER

Silver hit a low this morning of $16.92 before rallying back above the $17 per ounce level. The low trading volume isn’t showing the needed demand to turn the price higher. So, Silver continues to be in a bear trend, and the $16.85 level should be tested again.

At 11am PDT today, Silver is down $0.17 per ounce, trading at $17.08 per ounce on normal volume.