Daily Market Report 8/8/16

GOLD

Gold has been trading in a fairly narrow range between $1,332 to $1,339 per ounce after last Friday’s jobs numbers. Volume is above average, but I’m happy to see some stability after the dollar was affected going into the week. With all the growth Gold has experienced this year, it is healthy to see a pull back from time to time, but what is really positive about this pull back is how small it is and that Gold continues to stay strong over $1,300 per ounce. At 11am Gold is down $2, trading at $1,336.

SILVER

With Silver dropping below the $20 support level on Friday it has been slowly coming back and reaching up to $19.91 per ounce in the morning hours. Its trading is average, but I feel that this drop is only temporary. At 11am Silver is up $0.03, trading at $19.80.