Daily Market Update 03/08/12

GOLD

Gold is in that critical stage right now; on Monday, $1,700 was a key support level and when it broke, Gold dropped quickly to $1,665 (2%) before stabilizing. Now, with gold rallying back up, $1,700 is an important key resistance level to rally above and close, within the next few trading days.  This morning gold hit $1,703, and was quickly hit with sellers driving it back to $1,688 before sizeable buying came in. So, the commodity pit war continues.  At 11am PST, gold is trading at $1,695.80, up $10.60 per ounce on average volume

SILVER

Over the past 24 hours Silver has traded in the $33.27 to $34.11 per ounce range on good volume. After the market correction from the $37 per ounce range, it is healthy for Silver to build a new trading range. At 11am PST, Silver is up $0.45 per ounce, trading at $33.85 per ounce on normal volume.