Daily Market Report 8/22/16

GOLD

Gold traded down to a low of $1,330 per ounce this morning before finding bargain buying. Physical and contract Gold demand continues to be strong in Asian, Middle Eastern, and European markets. At 11am PDT today, Gold is trading at $1,339.50 per ounce on average volume.

SILVER

Silver broke down below the $19 per ounce support level this morning, reaching a low of $18.82 per ounce. For Silver to stay short term bullish it needs to rally back above the $19 level very soon. At 11am PDT today, Silver is down $0.50 per ounce, trading at $18.90 on excellent volume.