Daily Market Report 10/13/15

GOLD

This morning Gold tested the $1,150 support level, reaching $1,151.80 per ounce, then rallied. This morning’s rally took Gold above the $1,166 resistance level, reaching a high of $1,167.50. A firm break above $1,166 on good volume could allow Gold to reach the important $1,200 per ounce long term resistance level. At 11am PDT today, Gold is up $8, trading right on the short term resistance level of $1,166 per ounce on excellent volume.

SILVER

What is disappointing about Silver is its weakness in the face of a very strong Gold rally. Silver is having a very difficult time finding the demand that would allow it to break and stay above the $16 per ounce resistance level. Investors and professional commodity traders need to see Silver show a high demand and move firmly above $16 per ounce to become bullish and stop selling Silver short. At 11am PDT today, Silver is trading at $15.92, up $0.08 per ounce on average volume.