Gold moved $4.38 higher yesterday helped by an early weakness in the US dollar but the price action continued to signal consolidation. Technically, the chart shows an increasingly tight triangle formation that could suggest the market is setting up for a big breakout in either direction lying in waiting for the trigger. Silver is largely consolidating as well, closing marginally higher after a trip into negative territory. Following no changes to the preliminary 2Q GDP estimate the silver market appears to be taking a breather after last few days rally.

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Gold & Silver

METAL

LEVEL

CHANGE

GOLD

949.35

(+4.38)

SILVER

14.330

(+0.03)

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