Market Recap For Friday 8-23-2013

GoldSilverKilos

Gold has rallied up to almost the 1399 level. We do have closing resistance at 1397.90 today and today would appear to be a high if it closes back below 1388.50. The key resistance is still at the 1421-1424 level and support lies at 1372.10 right now. A weekly closing back below 1336 will signal new lows in the future.

Silver needs to close ABOVE 2345 to see any follow-through. However, a closing below 2825 leaves this still in a vulnerable position long-term. A close below 2040 on a weekly basis will signal new lows ahead.