Daily Market Report 11/20/13

GOLD

Gold dropped to $1,255 per ounce this morning as investors awaited the release of the minutes of the Federal Reserve’s October policy meeting later in the day, hoping for clues on when it will trim its monetary stimulus program. At that point, demand increased and the market quickly moved back above $1,263 per ounce. It appears as the Gold market needs to test the strength of the $1,250 support level very soon. At 11am PDT today, Gold is trading at $1,262 per ounce, down $13 per ounce on excellent volume.

SILVER

The Silver price has been displaying the same weakness as Gold, Platinum and Palladium. I would expect to see it test the long term support level of $20 per ounce very soon. At 11am PDT today, Silver is down $0.18 per ounce, trading at $20.18 per ounce on good volume.