Gold Increases for The 5th Straight Day as Silver Takes a Breather

GOLD

After bottoming out at $1,678 per ounce on July 21st, Gold has turn higher and been moving higher for five consecutive days. Gold is building a firm base above $1,750 per ounce and traded today between $1,770 and $1,790 today. I definitely believe the worst is behind us and Gold will break above the key $1,800 resistance level soon. At 11am PT Today, Gold is trading at $1,772 per ounce, up $2 on average volume.

SILVER

After last week’s spectacular increase of $1.58 per ounce, Silver is taking a breather and trading above $20 per ounce. Silver has tested the $20 support level in the past three days and held. Silver traded this morning between $20.03 and $20.60 per ounce with excellent volume. At 11am PT today, Silver is down $0.28 per ounce, trading at $20.06 on normal volume.