Precious Metals Futures Update

Precious metals are range trading and going nowhere in a typical end of August pattern.

For Gold, watch out the USD for price direction, on a break of $ 633.50 first target would be $637.30/639 though a failure to break this resistance will indicate a retracement to $615. Gold recent underperformance to Silver is due to its correlation with a weaker Crude Oil and some threat of central Bank sales.

Silver is trying to break its 3-week sideways trading with the upper range at $12.70. We have a neutral stance for now.