Daily Market Report 7/29/15

GOLD

Gold and the U.S. Dollar are treading water in a narrow high/low trading range this morning. With no relevant news, the Gold price appears to be consolidating in the current range. I really liked seeing Gold move back above the key $1,100 per ounce resistance level after today’s Federal Reserve statement. At 11:05am today, Gold is trading at $1,102 per ounce, up $6 per ounce on excellent volume.

SILVER

Silver moved higher in early trading, reaching a high of $14.94 per ounce before seeing serious selling or shorting. Professional traders continue to short on rallies until Silver establishes a new bull trend. At 11:05 am PDT today, Silver is trading at $14.89 per ounce, up $0.19 on normal trading volume.