Daily Market Report 10/28/13

GOLD

Gold traded in a nice tight price range today, from $1,346.30 to $1,362.10 per ounce. $1,355 is an important level that many technical analysts are watching. A close above that level could be very bullish for the Gold chart and could drive the price to $1,400 per ounce on the short term. FOMC meeting is scheduled for Wednesday and that could provide direction for the precious metal markets. At 11am PDT today, Gold is up $2 per ounce, trading at $1,354 per ounce on excellent volume.

SILVER

Silver is staying in a tight price range today also, from $22.34 to $22.73 per ounce. At 11am PDT today, Silver is trading at $22.54 per ounce, down $0.09 per ounce on average volume.