Daily Market Report 10/24/14

GOLD

Gold has traded today in an amazingly narrow $5.90 High/Low range, with a high of $1,234.60 and a low of $1,228.70 per ounce. The Gold market is apparently looking for short term direction. If it breaks down below the $1,200 level, it could easily hit $1,170 per ounce before finding major demand. On the other hand, if Gold can move back above the $1,250 per ounce level on good demand and stay there for at least a few trading days we are back on the bullish path.

At 11am PDT today, Gold is trading at $1,231 per ounce, up $2 on average Friday light trading volume.

SILVER

The Silver price can’t find a short term direction due to a combination of factors. It has shown major support at the $17 per ounce level, but demand disappears if it trades above $17.40. $18 per ounce is still the major resistance level and if Gold can breakout above $1,250 we may see Silver test that resistance.

At 11am PDT today, Silver is down $0.01 per ounce, trading at $17.19 per ounce on light volume.