Daily Market Report 8/16/16

GOLD

As I have stated numerous times, $1,350 per ounce is the key level for Gold. Gold reached a high today of $1,358 per ounce, before seeing some light profit taking. At 11am PDT today, Gold is up $8.50 per ounce, trading at $1,350.50 on average volume.

SILVER

I feel like a broken record, Silver again attempted to break back above the key $20 per ounce level this morning. Silver reached a high of $20.11 before sellers appeared, sending the price back down to $19.70. With the low summer trading volume, professional traders are keeping Silver in a narrow price range. They are aggressively buying around $19.75 per ounce, and selling when it breaks above $20. At 11am PDT today, Silver is trading at $19.88 per ounce, up $0.01 on light volume.