Daily Market Report 11/20/14

GOLD

Gold moved above the $1,200 per ounce, its major long term resistance level, on Tuesday and Wednesday of this week and was beaten back both times. This morning Gold hit at low of $1,176 (mostly because of short selling) before sizeable fresh buying appeared, driving the price back up to $1,196. It appears there is enough demand in the Gold market to break though the $1,200 level very soon. When that happens, the professional trader’s sentiment will become bullish and the Gold price will quickly move much higher.

At 11am PST today, Gold is trading at $1,192 per ounce, down $2 on excellent demand.

SILVER

After breaking above the key $16 per ounce resistance level last Friday, Silver has tested the $16 support level every day this week and held. In addition to rallying back every time Silver tested $16, the trading volume continues to grow and the weakness in the Gold price didn’t have an adverse effect on the rallies.

At 11am PST today, Silver is down $0.10 per ounce, trading at $16.17 per ounce on average demand.