Daily Market Report 11/4/15

GOLD

The eyes of most precious metal traders are on Congress this morning as the Fed Chairman is testifying. Chairman Yellen just stated that the Federal Reserve is still considering raising interest rates next month. This statement drove the U.S. Dollar higher, and drove both the Dow Jones and Gold/Silver lower. In this environment, I still believe Gold will test its long term support level of $1,100 per ounce before it turns higher. At 11am PDT today, Gold is trading at $1,108, down $9 per ounce on heavy volume.

SILVER

Silver reached a low of $15.06 this morning, as Gold led the decline. $15.00 per ounce is a key support level for Silver, and if Gold tests $1,100, Silver will surely test $15. At 11am PDT today, Silver is trading at $15.12 per ounce, down $0.14 per ounce on excellent volume.