Will Gold and Silver Break Out or Break Down?

5:37 AM

August 5, 2016 -- Well, we saw hints of an upside breakout earlier this week.

Both gold and silver pushed to new closing highs for the year on Tuesday. But the move wasn’t accompanied by a huge surge in buying. Prices backed off a bit on Wednesday and Thursday, threatening to bring the metals markets back within the confines of trading ranges that have persisted over the past month.

Market technicians will be eying today's closing prices to see if gold and silver can put in new weekly highs for the year. Strong finishes to close out the week would suggest upside momentum heading into next week, and, according to traders, that COULD mean we'll soon see another big rally to the upside.

Live prices at MoneyMetals.com show gold currently trading at $1,353.00 per ounce on the global market, and silver is coming in at $20.17.

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