Daily Market Report 7/31/12

GOLD

Today, Gold has actively traded from $1,610 to $1,629 per ounce on normal volume. Gold once again attempted to breakout above the $1,625-$1,630 resistance level. Since June 1st, this price level has been reached thirteen times without decisively breaking through. The Gold price has a QE premium built into it, as we wait for news on this subject by tomorrow’s FOMC statement. At 11am PDT, Gold is trading at $1,614 per ounce, down $9 on light volume.

SILVER

Silver continues to disappoint, breaking down below $28 per ounce on light volume. At 11am PDT Silver is trading at $27.96 per ounce, down $0.15 per ounce on light volume.

PLATINUM & PALLADIUM

The only precious metals that are up at 11am today are Platinum and Palladium. Platinum is up $2 at $1,418 per ounce, and Palladium has increased $4 to $591 per ounce.