Daily Market Report 11/6/13

GOLD

Comments from Fed policymaker John Williams, who said the central bank should wait for stronger evidence of growth momentum before trimming bond-buying, helped balance out a surprisingly strong U.S. service sector report, and caused Gold to rally $9 this morning. At 11am PDT today, Gold is trading at $1,316 per ounce, up $7 per ounce on normal volume.

Bank of America Merrill Lynch has "gone long" on Gold following Friday’s price dip to $1,310 an ounce, according to a research note from technical strategist MacNeil Curry dated yesterday. "The impulsive gains from the $1,251 Oct. 15 low, and break of the [two-month] downtrend ... say the medium-term trend has turned bullish," said Curry. Upside is seen to $1,433, which was the Aug. 28 high, with a potential for a push to $1,500/$1,533 long-term resistance, he said. "This view is wrong on a break below $1,251," he added.

SILVER

Silver did break above the $22 per ounce resistance level for a brief time this morning when Gold rallied. However, it couldn’t hold and traded back to $21.85 quickly. At 11am PDT Today, Silver is trading at $21.90 per ounce, up $0.26 per ounce on average volume.