Daily Market Report 8/15/16

GOLD

Gold continues to consolidate in a tight $9 per ounce trading range, from $1,335 to $1344 per ounce. After Gold’s 25% increase since the beginning of the year, it is very bullish for the price to be in a consolidation phase during the low volume summer months. At 11am PDT today, Gold is trading at $1,342 per ounce, up $3 on average volume.

SILVER

In early trading this morning Silver attempted to break back above the key $20 per ounce level. Silver briefly traded at $20.03 before sellers appeared, driving the price back down to $19.70. At 11am PDT today, Silver is up $0.10 per ounce, trading at $19.87 on normal volume.