Daily Market Report 10/14/14

GOLD

Gold has traded in a narrow $7.60 high/low price range today ($1,230.80 to $1,238.40) on average trading volume. The Gold market appears to be waiting for direction while trying to build a base. Many traders are waiting for a rally to $1,245 or above to make a short sale, but there is good price support above $1,220 per ounce.

This morning Germany cut its growth outlook from 1.8% to 1.2% for 2015. This resulted in investor confidence falling to the weakest level in two years, as recession concerns mount in Europe’s biggest economy. This news caused the U.S. Dollar to rally and added demand for precious metals.

At 11am PDT today, Gold is up $2.10 per ounce, trading at $1,232.40 per ounce on average trading volume.

SILVER

Silver keeps trying to breakout on all the weak economic news, but hasn’t been successful. Today, Silver rallied to $17.60 per ounce on the news from Germany, but sellers came in and took the price down to $17.35.

At 11am PDT today, Silver is trading at $17.40 per ounce, up $0.06 per ounce on light volume.