Daily Market Report 10/7/14

GOLD

With the markets down today and the US Dollar Index holding about par, I am impressed to see how Gold is behaving today. Not only is the volume of trading higher than normal, but during Asian trading hours Gold held above $1,205 an ounce, and continued to rise as the European and US markets opened. I’d like to see Gold continue to hold these numbers as well as climb, but I need to see some more positive notes before I feel more comfortable. However, this is a move in the right direction.

At 11am PST time Gold was trading at $1,212.01 up $5.05 on strong trading.

SILVER

I’m a little surprised with the behavior of Silver today compared to Gold. I am happy to see it trading above the $17.00 level, but Silver’s performance peaked slightly in the London hours and has calmed down during US trading. It is a good sign that Silver broke through the $17 level with little resistance, but again just like Gold I’d like to see how it behaves over the next few days.

At 11am PST Silver was trading at $17.23 up $0.37 on above average trading volume.