Daily Market Report 8/11/16

GOLD

Gold briefly broke above the important $1,350 per ounce resistance level this morning on a weaker Dollar. However, when the Dollar rallied, the Gold price dropped below $1,350, reaching $1,340 before finding sizeable demand. At 11am PDT today, Gold is trading at $1,345 per ounce, unchanged from yesterday on average volume.

SILVER

Silver tested the very important $20 level this morning, reaching a low $19.96 per ounce. I really need to see Silver stay above $20 per ounce as an important short term bullish indicator. At 11am PDT today, Silver is down $0.07, trading at $20.07 per ounce on good volume.