Daily Market Report 11/21/14

GOLD

Gold moved back above the important $1,200 per ounce resistance level again today, reaching $1,207.80 per ounce. This is especially significant considering today’s bullish move in the Gold price was done in the face of a very strong U.S. Dollar: $1.22USD to the Euro; 82 Japanese Yen to $1USD. Gold analysts are now focusing their attention on the timing of Federal Reserve interest rate increases.

At 11am PST today, Gold is trading at $1,198 per ounce, up $6 on excellent volume.

SILVER

Silver hit a high of $16.65 this morning on fresh buying from Asia. I would look for Silver to breakout of its recent trading range next week, as Gold moves through the important $1,200 resistance level.

At 11am PST today, Silver is up $0.20, trading at $16.37 per ounce.