Daily Market Report 11/25/13

GOLD

Based on Iran’s nuclear agreement announced over the weekend, Gold reached a low of $1,225.80 per ounce this morning. At that price we saw heavy demand and the Gold price quickly rallied back above $1,240 per ounce. The short term direction is still to the downside, and it’s highly possible Gold could reach major long term support of $1,200 per ounce by year end. At 11am PDT today, Gold is trading at $1,243 per ounce, down $1 per ounce on excellent volume.

SILVER

Silver traded as low as $19.56 per ounce early this morning as Gold reached its lows. Silver is definitely in a short term Bear market, with little to no major support until $19 per ounce. But, Silver continues to take price direction from Gold. At 11am PDT today, Silver is trading at $19.94 per ounce, down $0.02 per ounce on better than average volume.