Daily Market Report 8/23/16

GOLD

Today, Gold has traded in a narrow $10 high/low price range, from $1,345 to $1,335 per ounce. Gold showed excellent support yesterday above the $1,330 per ounce level. At 11am PDT today, Gold is trading at $1,342 per ounce, up $3 on average volume.

SILVER

Silver briefly broke above the key $19 per ounce resistance level this morning, reaching $19.14 per ounce. At that point selling hit the market, driving the price back to $18.84. It’s truly a bull/bear war in the Silver trading pits around the world. The bulls need to get the price back above $19 per ounce to keep the positive sentiment in the market. At 11am PDT today, Silver is trading at $18.94, up $0.04 per ounce on normal volume.