Daily Market Report 10/29/15

GOLD

Gold reacted negatively in late trading yesterday; after the Federal Reserve left interest rates unchanged but signaled a December rate hike was still on the table. Today’s trading is important because Gold broke below the key $1,150 support level. I need to see Gold rally back into its recent trading range of $1,150 to $1,190 immediately to stay bullish. At 11am PDT today, Gold is trading at $1,148 per ounce, down $24 per ounce (2.1%) on heavy volume.

SILVER

Silver really got hammered today, following the drop in Gold. Silver broke below the key $16 per ounce support level on heavy volume. At 11am PDT today, Silver is down $0.60 (3.5%), trading at $15.58 per ounce, on high volume.