Gold Breaking $1,550 & Headed To $1,600

GOLD

Yesterday, the ISM Manufacturing report came in at 49.1 for August, below the 51.0 expected, down from the 51.2 July. This is a sign of contraction for the first time since 2016. As more and more signs of a possible recession more money will move to Gold as the ultimate safe-haven investment. In overnight trading Gold tested its support level and held, moving back to the high $1,540’s. Right now, Gold just broke above the key $1,550 resistance level for the fourth and I believe last time. Gold should be heading to $1,600 level this month. At 11am PT today, Gold is trading at $1,556 per ounce, up $10 on excellent volume.

SILVER

Silver reached a high of $19.50 per ounce in early morning trading before seeing brief profit-taking. The bears can’t break the recent support levels, as Silver stays above $19.20 on fresh buying. At 11am PT today, Silver up $0.30 per ounce, trading at $19.45 on excellent volume.