Daily Market Report 11/25/14

GOLD

Gold continues to move above and below the $1,200 per ounce resistance level. Today’s trading was on heavy volume as many professional traders moved out of the December CME Gold contracts and into the February Gold contracts. Gold traded in a $12 high/low range, continuing to build a base for its breakout move above $1,200.

At 11am PST today, Gold is trading at $1,198, unchanged for the second day in a row.

SILVER

Silver hit $16.75 this morning in early trading before seeing short sellers and short term profit taking. However, while it was selling off, Silver showed good demand around $16.50 per ounce. Over the past week, Silver has been finding more price support and buyers than Gold has on any dip.

At 11am PST today, Silver is up $0.20 per ounce, trading at $16.57 per ounce on excellent volume.