Daily Market Report 11/7/13

GOLD

The bears took control of the Gold market early this morning after the ECB announced a ¼ point rate cut which caused the U.S. Dollar to rally. The U.S. Dollar increase versus the Euro helped drive the price down to $1,296 per ounce. At that point the bulls came in with massive purchases taking the price back to $1,310 per ounce before seeing normal trading volumes. I had expected a test of the $1,300 per ounce level earlier this week and I am very impressed by the market reaction. At 11am PDT today, Gold is trading at $1,307 per ounce, down $9 per ounce on heavy volume.

SILVER

On the ECB announcement, Silver was sold down to $21.38 per ounce before rallying back to unchanged. Silver tested the $22 per ounce again, reaching $22.02 at one point this morning. At 11am PDT today, Silver is trading at $21.72 per ounce, down $0.18 per ounce on excellent volume.