Daily Market Report 11/10/14

GOLD

After last Friday’s $27 rally, Gold showed some short term profit taking today. At one point in morning trading Gold reached $1,177.60, just short the of the $1,180 resistance level. Today’s CME December Gold is trading above $1,160 with about half of Friday’s volume

At 11am PST today, Gold is down $13, trading at $1,158 per ounce on average volume.

SILVER

In early Asian trading Silver reached $15.92 per ounce before seeing profit taking. After reaching $15.04 last Friday, I would really like to see Silver stay above $15.60 to help boost a more positive professional trading sentiment. Any breakdown or weakness could cause professional traders to start shorting Silver on rallies again.

At 11am PST today, Silver is trading at $15.66 per ounce, down $0.07 per ounce on normal volume.