Daily Market Report 11/26/12

GOLD 

Friday’s $23 rally in the Gold price broke through the $1,740 per ounce resistance level. Now, I would expect to see some consolidation in the $1,740 to $1,750 level early this week, before we resume this bullish breakout. The next resistance level for Gold is $1,800 per ounce, which we could easily hit next month. At 11am PDT today, Gold is trading at $1,749.50 per ounce, down $1.90 per ounce since Friday’s close on heavy volume.

SILVER

As more and more Republicans publicly agree to increase taxes on the wealthy the higher the price of Silver goes. Why? This violates their agreement with Grover Norquist not to raise taxes, making it highly likely they will reach a Congressional agreement with the Democrats to settle the Fiscal Cliff issues. A settlement of the Fiscal Cliff crisis by December 14th is very bullish for the price of Silver. At 11am PDT today, Silver is up $0.04 per ounce since Friday, and is currently trading at $34.15 per ounce on excellent volume.