Daily Market Report 8/19/15

GOLD

Gold is continuing its rally, reaching a high today of $1,132.20 per ounce on excellent trading volume. The next resistance point is $1,150 per ounce, but I would like to see Gold trading between $1,120 and $1,150 to consolidate the move higher. At 11am PDT today, Gold is trading at $1,130 per ounce, up $13 on excellent volume.

SILVER

Silver broke back above the $15 resistance level this morning and kept on going, reaching $15.38 per ounce before see some short term sellers. Today’s bounce back above the $15 per ounce level is bullish, but it needs to stay here for a while to get the professional traders interested. At 11am PDT today, Silver is up $0.44 per ounce, trading at $15.28 per ounce on good volume.