At the European Central Bank meeting today, key interest rates and the existing 1.5 trillion euro monetary stimulus program were left untouched. In ECB President Mario Draghi’s commentary, the door was left open for further European stimulus measures to be considered at the next meeting should the central bank deem them necessary. The euro tanked against the USD in the wake of Draghi’s remarks and gold was brought down with it. The US equity market started off today ripping higher and this added further pressure to gold. As the US equity market started to lose steam and sell off from the highs though, gold was able to attract bids and moved back up to the $1,100 area. The 100 day moving average at $1,106.50 has capped gold perfectly twice over the last two weeks and this is the big near term resistance level to watch. Silver has failed for three days in a row to break above $14.20. This level represents the top of its recent range while $13.75 is support.