Daily Market Update 12/19/11

GOLD

Today gold has traded in the $1586 to $1608 price range, showing excellent support. I would like to see gold get back above the $1,600 resistance level and stay for a while. The European crisis is still taking its toll on energy, precious metals and equities around the globe. At 11am PDT Gold is trading at $1,594 per ounce, down $3 from Friday’s close. Trading volume is good, but should lighten up as we approach the holidays.

SILVER

At 11am PDT Today Silver has declined $0.70 with most other commodities and precious metals, trading at $28.92 per ounce. Silver wasn’t able to move above the $30 resistance level this morning, as it took direction from other commodities and precious metals. Silver could develop a new trading range from $28 to $30 per ounce, while the European crisis comes to a head.