Daily Market Report 8/5/16

GOLD

This morning, we found out that the U.S. non-farm payrolls increased dramatically to 255,000 jobs in July. This news caused the U.S. Dollar to rally sharply and for Gold to sell-off. I believe we will see Gold move back above the $1,350 level early next week. At 11am PDT today, Gold is trading at $1,340 per ounce, down $21 on moderate volume.

SILVER

Silver followed Gold’s direction, dropping below its key $20 per ounce support level. I believe we will see Silver rally back above the $20 level early next week. At 11am PDT today, Silver is down $0.65 per ounce, trading at $19.77 on light volume.