Daily Market Report 8/2/13

GOLD

Last night, while Asian precious metal markets were actively trading, a rumor came back about a significant increase in today’s official U.S. employment rate. This rumor drove the Gold price down to $1,282 per ounce (breaking the $1,300 per ounce support level) which caused many technical traders to sell and short Gold. Well, the employment number came in at 162,000, which was in line with what was expected, and Gold quickly rallied higher. Today’s trading really showed the strength of the Gold market, testing the $1,300 resistance level and rallying back on heavy volume of buying.

At 11am PDT today, Gold is trading at $1,313 per ounce, unchanged from yesterday.

SILVER

The Silver price pretty much followed Gold trading today, however the price range was extraordinary. The high/low range was $20.26 per ounce on the high, and $19.18 on the low. I would really like to see Silver close today above the important $20 per ounce resistance level.

At 11am PDT today, Silver is up $0.24 per ounce, trading at $19.90 per ounce.