Daily Market Report 10/14/15

GOLD

$1,200 per ounce here we come. Yesterday’s rally above the $1,166 to $1,175 is causing a sizeable amount of professional short covering that could easily send the price up to $1,200 very soon. Today, Gold moved above $1,180, well above the 200 Day Moving Average of $1,176 per ounce. At 11am PDT today, Gold is up $16.50, trading at $1,182.50 per ounce on excellent volume.

SILVER

Finally, Silver was able to break through the $16 per ounce resistance level based on the major increase in the Gold price today. The next level for Silver to break above is $16.43, the June 18th resistance level. At 11am PDT today, Silver is trading at $16.14 per ounce, up $0.22 on excellent volume.