Daily Market Report 8/10/12

GOLD

Gold is taking the lead again today; after reaching an early morning low of $1,604.90 per ounce, Asian demand for Gold with good volume drove the market back to $1,628 before seeing resistance. $1,630 is an important resistance level, but when it breaks through very soon the price should move quickly to test $1,700 per ounce.  At 11am PDT today, Gold is trading at $1,621.90, up $5.10 for the day on excellent volume.

SILVER

Silver, Platinum and Palladium are all taking a back seat to Gold today. These other precious metals are unchanged to lower on weak demand. At 11am PDT today, Silver is down $0.02, trading at $28.15 on normal weekend volume.