Daily Market Report 10/23/14

GOLD

Gold couldn’t get back above the key $1,250 per ounce level today and technical traders stepped in and shorted the market. The strong Dollar and Stock Market added support to the decline. Gold sold off $20 per ounce before seeing demand increase.

At 11am PDT today, Gold is trading at $1,229 per ounce, down $15.50 per ounce on average volume.

SILVER

Silver tested the key $17.00 per ounce support level this morning, reaching $17.03 in early trading. Since it cannot manage to stay above $17.50, and traders keep driving it down to $17, the short term direction for Silver is still bearish.

The Gold-Silver ratio has risen to a fresh multi-year high, climbing near 72. The rising trend channel from mid-2011 suggests resistance above 75, as we look to the 2008 high at 84.50.

At 11am PDT today, Silver is down $0.04 per ounce, trading at $17.20 per ounce on normal volume.