Daily Market Update 04/19/12

GOLD

We continue to see price resistance in Gold at the 100-day moving average of $1,672.50. While strong demand materializes as gold slips into the low $1,600’s, it really picks up before ever hitting the psychological resistance level of $1,600.

Diplomats and commodity traders are saying that Syria is trying to sell gold reserves to raise revenue, as Western and Arab sanctions targeting its central bank and oil exports begin to bite.

At 11am PDT, Gold is up $0.83 per ounce, and volume has picked up with Gold trading at $1,640.50 per ounce.

SILVER

Silver is trading in a narrow price range, with $32.00 per ounce or above showing resistance, and $31.00 showing sizeable support. I continue to recommend Silver at this price level. At 11am PDT, Silver is trading at $31.84 per ounce, up $0.31 per ounce.