Daily Market Report 7/19/16

GOLD

Gold continues to trade in a very tight range. Today’s high/low trading range was only $9 per ounce, from $1,334 to $1,325 per ounce. Gold’s consolidation is very healthy after the 25% increase in the first half of 2016. I am still looking for a break out of this trading range within the next month and a move towards the $1,400 per ounce resistance level. At 11am PDT today, Gold is trading at $1,332, up $3 per ounce on average volume.

SILVER

Silver has traded above and below the $20 support/resistance level all day. Today, we had a low of $19.81 and a high of $20.05 per ounce. At 11am PDT today, Silver is down $0.10, trading at $19.94 per ounce on light volume.