Daily Market Report 10/17/14

GOLD

Today, with a strong U.S. Stock market, U.S. Dollar, and the 10-year Bond yield higher, Gold could only go lower from the open. I am getting a little disappointed with the lack of carry through in the Gold price during Wednesday and Thursday trading. I really would like to see Gold break above the very important $1,250 per ounce resistance level. However, until the support level of $1,220 per ounce is broken I will stay short term positive.

At 11am PDT today, Gold is trading at $1,238 per ounce, down $2 on average volume.

SILVER

Silver continues to have a difficult time breaking through and staying above the $17.50 price level. Silver found excellent support at $17.21 per ounce this morning, the low of the day, before rallying back above $17.30.

At 11am PDT today, Silver is down $0.10 per ounce, trading at $17.32 on normal volume.