Daily Market Report 11/5/15

GOLD

An Interesting article, by Hebba Investments, was posted yesterday (See link below). Hebba points out that the unemployment number that will be released tomorrow will provide the needed information that would help the Federal Reserve make the decision on the direction of interest rates at their December meeting. Gold/Silver prices would be dramatically affected by the Federal Reserve’s decision. http://www.mintstategold.com/investor-education/friday_big_day_for_gold/

Today Gold has traded in a very thin price range, from $1,104 to $1,112 per ounce. I agree with the Hebba article and think that any major improvement with the U.S. employment numbers will cause Gold to test the important $1,100 per ounce resistance level. At 11am PDT today, Gold is trading $1,106 per ounce, down $2 on excellent volume.

SILVER

Silver broke below the important $15 per ounce level this morning, reaching a low of $14.92 per ounce. At that point bargain buyer appeared and the price quickly rallied back above $15, reaching $15.15. However, for most of today’s trading session Silver has gone above and below the $15 level. At 11am PDT today, Silver is trading at $15.01 per ounce, down $0.11 per ounce on average volume.