Daily Market Report 11/12/12

GOLD

Gold has traded in a very narrow $13 range today, from $1,725.50 on the low to $1,738.30 on the high. It appears has the Gold price is consolidating in this range awaiting news that will allow it to test the $1,750 short term resistance level. The U.S. Dollar continues to rally versus the Euro, trading at $1.26 to the Euro. Negative news from Europe about Greece and the German economies is putting pressure on the Euro’s value. Trading volumes in the US markets are lighter than usual because US Federal government offices are closed for Veterans Day. But when lawmakers return on Tuesday, the focus will return to resolving the fiscal cliff, which mandates huge spending cuts by the end of the year. At 11am PDT Today Gold is trading at $1,731.20, down $2.40 per ounce on low volume.

SILVER

Because of the Veterans Day holiday, Silver has been trading with very light volume. Today’s price range has been from $32.19 on the low and $32.78 per ounce on the high. Silver has already regained the first retracement level of the October correction with last week’s rally and many traders believe that signals a very positive pattern for the near future. At 11am PDT Today, Silver is down $0.09 per ounce, trading at $32.50 per ounce on very light trading.