Daily Market Report 11/26/13

GOLD

Gold reached $1,255 per ounce earlier this morning on short covering and fresh demand before selling off. Gold needs to stay above the important $1,250 per ounce price level to encourage professional traders to take new positions. At 11am PDT today, Gold is trading at $1,243 per ounce, unchanged from yesterday on excellent volume.

SILVER

As Gold broke above $1,250 in Asian overnight trading, Silver moved back above $20 per ounce, reaching $20.29 per ounce on excellent trading. Then, when the selloff started, Silver quickly dropped below $20 per ounce. $20 per ounce is an important level for sSlver and if it can’t stay there we could easily see Silver re-test its June 2013 lows of $18.17 per ounce. At 11am PDT today, Silver is down $0.06 per ounce, trading at $19.88 on better than average volume.