Daily Market Report 8/08/12

GOLD

Gold sold off earlier this morning, reaching $1,603 per ounce before rallying back to $1,617 per ounce on excellent demand. Gold staying above the key $1,600 support area continues to be very bullish for a possible breakout very soon. At 11am PDT, Gold is trading at $1,613.20, up $1.40 on excellent volume.

SILVER

Silver fell to $27.67 earlier today when Gold sold off, however rallied back above the $28 price level. At 11am PDT, Silver is trading virtually unchanged at $28.12 per ounce, on average volume contracts.