Daily Market Report 7/2/13

GOLD

Gold looks to be consolidating its recent gains in the $1,244 to $1,267 per ounce price range. A combination of a strong U.S. Dollar and continued short covering has provided a mixed message for the direction of the market. Trading volume, starting tomorrow, should lighten up as we approach the Independence Day holiday.

At 11am PDT today, Gold is trading at $1,246 per ounce, down $11 per ounce on light volume.

SILVER

Silver continues to have a difficult time breaking above the $20 per ounce resistance level. Although, Silver did not fall as much as Gold last week, it is not showing the needed demand to drive it above the key $20 per ounce level.

At 11am PDT today, Silver is down $0.17 per ounce, at $19.44 per ounce.