The Gold & Silver Prices Staying In Tight Trading Range

GOLD

The U.S. Bureau of Labor Statistics reported this morning that the Consumer Price Index (CPI) increased 0.2% in July, after a 0.3% increase in June.
The Inflation number increased to 2.7% over the past year. This report is considered bullish for Gold and lower interest rates.
Gold traded last night in the overseas market as low as $3,329.70, and when the CPI report came out, the Gold price quickly rallied back to over $3,350 per ounce.

At 11 am PT today, Gold is trading at $3,347 per ounce, down $8 on average volume.

SILVER

Silver traded today between $37.46 and $38.04, in active trading.
The recent weakness in the Gold price took the Silver price under $38 per ounce.
If Gold can stay above $3,350 for a few days, I would expect to see Silver move back over $38.

At 11 am PT today, Silver is up $0.12 per ounce, at $37.90 on good volume.