Daily Market Report

Federal Reserve Chairman Jerome Powell on Wednesday gave a greatly improved economic forecast . . . . Barry Stuppler

Gold is trading in a narrow range today, awaiting a Fed issued statement this afternoon, after the Federal Open Market Committee's meeting on future policy ends . . . . Barry Stuppler

The Gold price is base building today, trading between $1,726 and $1,742 per ounce . . . . Barry Stuppler

Gold showed excellent price support and demand this morning at above the $1,722 per ounce level . . . . Barry Stuppler

In early trading we saw the U.S. 10-Year Treasuries reached a high of 1.63% and the U.S. Dollar Index hit 91.94, which caused the price of Gold to decline, testing the $1,700 resistance level . . . . Barry Stuppler

The Consumer Price Index for February was released this morning and it showed a slowing of inflation . . . . Barry Stuppler

Gold reached a low of $1,708 in Asian and early European trading, then rallied back to $10 on fresh buying . . . . Barry Stuppler

Just as a number of commodity houses were saying Gold will bottom out at $1,600 and traders were short selling Gold, thinking that $1700 is a resistance level it couldn’t break . . . . Barry Stuppler

This morning higher interest rates and U.S. Dollar Index (92.36) has put pressure on the Gold price, reaching a new 2021 low of $1,678 per ounce . . . . Barry Stuppler

U.S. Employment numbers are moving up, as well as the U.S. Dollar Index (over 92) . . . . Barry Stuppler