GOLD

Gold has been locked in a $1,222 to $1,228 per ounce trading range for most of the day. Yesterday’s CME Gold trading volume was very heavy (36.8 Million ounces) especially after Gold hit the $1,216.50 per ounce low. Like I said yesterday, I need to see Gold close back above the $1,230 level before I would feel the worst of this down leg is over. At 11am PDT today, Gold is trading at $1,224 per ounce, up $1 on average volume.

SILVER

Today, Silver has traded between $15.92 and $16.13 per ounce. Like Gold, yesterday’s trading volume was very heavy (Almost 700 million ounces) in the Sept 2017 CME contract, when Silver hit a $15.85 low. Silver is fighting to stay above the key $16 per ounce level, but it will take future price direction from Gold. At 11am PDT today, Silver is trading at $16.02 per ounce, up $0.07 on excellent volume.