Daily Market Report 11/19/14

GOLD

This morning in Asian trading Gold made its second attempt to break above the key $1,200 per ounce resistance level, reaching $1,202.50 per ounce. After hitting today’s high, short sellers appeared when the U.S. Dollar strengthened versus the Yen, driving Gold down to $1,175 per ounce. Gold quickly rallied back to $1,197 on heavy demand and short covering.

At 11am PST today, Gold is trading at $1,194 per ounce, down $2 per ounce on heavy volume.

SILVER

Although Silver declined to $15.88 today when Gold sold off, it is clear that Silver has excellent support around $16 per ounce. Silver is actually showing more price support at $16 per ounce then Gold at $1,200. Global demand for physical Silver investment products has been soaring over the past few months with Silver below $18 per ounce.

At 11am PST today, Silver is up $0.10 per ounce, trading at $16.27 per ounce on heavy volume.