Daily Market Report 8/28/12

GOLD

Gold appears to be developing another tight trading range on a normal volume. We are seeing short term support at $1,656 and long term support at $1,640 per ounce. While short term resistance is at $1,680, long term resistance is at $1,700 per ounce. This type of trading is very bullish for Gold as it consolidates trading and takes a lot of the volatility out of the market. At 11am PDT, Gold is trading at $1,666, down $7 per ounce on light volume.

SILVER

The price of Silver has been stronger than Gold recently and that trend continues today. At 11am PDT, Silver is down $0.20, trading at $30.82 per ounce on light volume. The longer Silver can stay above $30 per ounce, the more bullish professional traders will get on the metal.