Daily Market Report 08/01/14

GOLD

Today, Gold is trading in a narrow price range after hitting a five-week low yesterday. The Gold chart has turned technically short term bearish. Upbeat U.S. economic data released Thursday and the recently rallying U.S. dollar index that hit a six-month high this week were bearish weights on the Gold and Silver markets. I really would like to see Gold move back above the important $1,300 per ounce support level early next week.

At 11am PDT today, Gold is trading at $1,294.70 per ounce, up $13.20 on light trading volume.

SILVER

Silver is showing better price support then Gold, as it holds well above the important $20 per ounce support level. At 11am PDT today, Silver is down $0.05, trading at $20.44 per ounce on average Friday volume.