Daily Market Report 8/20/15

GOLD

Today, Gold moved quickly above its next major resistance level of $1,150 per ounce, as the rally continues. Trading is very active in the futures and physical markets with excellent demand in both. If Gold can close above $1,150 for a minimum of the next 3 trading days, I would be looking at $1,200 as the next resistance level. At 11am PDT today, Gold is trading at $1,151 per ounce, up $21 per ounce on excellent volume.

SILVER

Silver is taking its direction from Gold and is showing excellent demand above $15.40 per ounce. $16 per ounce is a key resistance level, and it should break that level if Gold moves above $1,200 per ounce. At 11am PDT today, Silver is up $0.23 per ounce, trading at $15.51 per ounce on good volume.