Daily Market Update 04/13/12

GOLD

At 11am PDT, Gold is trading at $1,657.80 per ounce, down $19.40 on light trading. Gold has support at $1,650.00 to $1,655.00, while it broke through the 100-day moving average at $1,676.50 yesterday. Gold’s 200-day moving average of $1,696.75 will provide stiff resistance and pave the way to breaking through $1,700 per ounce.

Chinese Economic growth in the first quarter of 2012 was 8.1%, significantly higher than forecast by economists, which ranged from 7.4% to 7.8%.

SILVER

At 11am PDT, Silver is down $0.94, trading at $31.48 per ounce on light weekend volume.

Overnight, the CME lowered margin requirements on the COMEX silver and palladium contracts as of the close of trading on Monday, which should be supportive.