Gold is showing a little consolidation

I’m back, had a great time in South Africa and I’m excited about gold breaking above $1,300 before month end. Barry

GOLD

After breaking above the $1,300 resistance level on Monday and hitting a high of $1,325 yesterday on a drop in both Interest Rates and the U.S. Dollar, today Gold is showing a little consolidation between $1,305 and $1,314 per ounce. The US GDP numbers were revised earlier today to 3%, which had a minor bearish effect on the precious metals. Gold will probably test the $1,300 area a few times in September, which is now a key support level. At 11am PDT today, Gold is trading down $6, trading at $1,308 per ounce on excellent volume.

SILVER

After hitting a high of $17.66 per ounce on Tuesday, Silver is trading in a narrow $.20 high/low trading range today. Silver has traded between $17.50 and $17.30 per ounce today, while it consolidates recent gains. At 11am PDT today, Silver is trading at $17.40 per ounce, down $0,10 on good volume.