Daily Market Report 11/5/13

GOLD

Gold continues to decline in a narrow trading range on light volume. I believe we will see a test of the $1,300 per ounce support level within the next 48 hours. I think Gold holding above that support level is very critical to short term trading. At 11am PDT today, Gold is trading at $1,309 per ounce, down $7 on light volume.

SILVER

Silver has traded in a $0.28 high/low price range all day. I need to see Silver rally back above $22 per ounce to become short term bullish. At 11am PDT today, Silver is down $0.06 per ounce, trading at $21.64 per ounce.