Daily Market Report 8/17/16

GOLD

Another summer day with light commodity exchange volume, and another day of seeing Gold price consolidation. Gold traded today in a $8 high/how range, with a high of $1,348 and a low of $1,340. I believe Gold is building an extraordinary base for its next leg up, past the $1,400 per ounce level. Federal Reserve minutes are due out today, let’s see if that changes anything. At 11am PDT today, Gold is trading at $1,344 per ounce, down $6.50 on light volume.

SILVER

Silver is also trading in a tight range today. Silver is showing excellent support at the $19.50 level, while meeting resistance in the $20 per ounce area. At 11am PDT today, Silver is down $0.20 per ounce, trading at $19.68 per ounce on light volume.