Daily Market Report 11/4/14

GOLD

Gold is trading in a very narrow $11 high/low range, trying to establish a new support level above $1,160 per ounce. The real question is: Were the Friday and Monday lows of $1,161 the bottom? In order to turn professional traders from a negative to positive sentiment we need to see Gold rally back above the $1,200 per ounce level very soon.

At 11am PST today, Gold is unchanged, trading at $1,168 per ounce on average trading volume.

SILVER

Silver has been trading above and below the important $16 per ounce level all day. Silver is showing good support around $15.90, but the volume isn’t high enough to be bullish.

At 11am PST today, Silver is trading at $16.05, down $0.07 per ounce on light volume.