Daily Market Report 11/19/13

GOLD

Gold is trading today in a very thin $10 High/Low price range, awaiting any news that would provide direction. Gold has major long term support at $1,250 per ounce and resistance at $1,300 per ounce, and is trading right in the middle of that range. Tomorrow’s release of the Federal Reserve’s October meeting minutes could give the precious metal markets a direction. At 11am PDT today, Gold is trading at $1,275 per ounce, up $1 on light volume.

SILVER

Silver is also trading in a very narrow $0.33 cent range with a bias to go lower. Silver will probably test its $20 per ounce long term support level on any negative news. At 11am PDT today, Silver is down $0.06 per ounce, trading at $20.36 per ounce on light volume.