Daily Market Update 04/12/12

GOLD

The Floor brokers at the CME (short term professional gold traders) have become bullish on gold, once the price passed the Key resistance level at the 100 day moving average at $1,675.  At 11am PDT Gold is up $18.20 per ounce, trading at $1,677.20 per ounce on heavy volume.

In February, mainland China bought 39,668 kilograms (39.668 metric tons), up from 32,948 kilograms in January, (20% increase) according to export data from the Census and Statistics Department of the Hong Kong government.

SILVER

Silver, usually the most volatile of all precious metals, has become the most muted in the last week.  It seems to be pinned to $31.50 and with $33 as a fairly significant resistance level. At 11am PDT, Silver is trading at $32.42 per ounce, up $0.79 per ounce on excellent volume of trades.