Daily Market Report 8/3/16

GOLD

Today Gold is holding in a narrow $12 High/Low range, from $1,366 to $1,354 per ounce. The Gold price needs this consolidation above the key $1,350 level, to build a nice base for its move to the $1,400 resistance level later this month. At 11am PDT today, Gold is trading at $1,358 per ounce, down $6 on average volume.

SILVER

Silver is mirroring Gold consolidation within the $20.30 to $20.80 trading range. I look for Silver to test the $21 per ounce short term resistance level very soon. At 11am PDT today, Silver is down $0.19, trading at $20.42 on normal volume.