Daily Market Report 08/07/14

GOLD

Gold is trading today in a narrow $7 per ounce trading range between $1,302 and $1,309 per ounce. The negative effects of a strong U.S. Dollar in the world’s foreign exchange markets are being offset by the Russian build up of troops at Ukraine’s western border. The $1,300 per ounce support/resistance level has been very important to Gold’s short term direction for the past four months.

At 11am PDT today, Gold is trading at $1,310 per ounce, up $3 per ounce on active volume.

SILVER

During today’s trading, Silver has been above and below the important $20 per ounce level. Tuesday and Wednesday’s trading volume on the U.S. commodity markets was up over 50% since Monday. At 11am PDT today, Silver is down $0.07 per ounce, trading at $19.95 per ounce.