Daily Market Report 8/29/12

GOLD

Gold appears to be treading water awaiting clear short term directions, which will come on Friday, when Federal Reserve Chairman Ben Bernanke gives his news conference from the annual Jackson Hole symposium in Wyoming. The precious metal markets anticipate that Bernanke may announce additional monetary stimulus. Today, Gold has had a $18 High/Low price range, of $1,652 on the low and $1,670 per ounce on the high. At 11am PDT, Gold is trading at $1,661 per ounce, down $5 per ounce on normal volume.

SILVER

Silver continues to look very impressive, staying above the key support $30 per ounce level. Today, Silver traded between $30.55 and $31 per ounce on good volume. At 11am PDT, Silver is up $0.02 per ounce, at $30.84 per ounce on light trading volume.