Daily Market Report

GOLD This morning Gold hit a low of $1,201.40 and quickly bounced back $5 on heavy buying. Gold has now declined for eight straight days from $1,253 level. Gold is now showing increasing physical, futures and equity demand at the key $1,200 per ounce support level. If Gold can hold this level for the next couple of trading days, I...

GOLD Gold breaking below the 100-day moving average of $1,218 per ounce this morning causes me to think the price could test the $1,200 support level. I believe $1,200 level will hold, and any test of that level will be very brief and probably happen in Asian or European markets. With all of Gold’s bullish long-term fundamentals looking better and...

GOLD This morning it was announced that the January 2017 U.S. trade deficit jumped to a five-year high on imports. This announcement is long term bullish for precious metals, as it weakens the value of the U.S. Dollar. Right now, however, we are ending a short-term correction. At 11am PST today, Gold is trading at $1,218 per ounce, down $10...

GOLD This morning Gold has traded between $1,225 and $1,237 per ounce, showing excellent support while building a base above Friday’s close. At 11am PST today, Gold is trading at $1,228 per ounce, up $2 on heavy volume. SILVER Today we saw Silver try to move above the $18 per ounce resistance level, reaching a high of $17.97 in early...

GOLD Fed Chairwoman Janet Yellen gave a clear indication that interest rates would likely increase this month. This, and equity markets around the world increasing, caused Gold to hit $1,223 per ounce. The price of Gold is trading above the key 100-day moving average of $1,218 per ounce, and above the $1,220 area, where Wall Street traders last purchased a...

GOLD Gold broke below the $1,250 per ounce support level this morning based on three contributing factors: The U.S. Dollar strengthened to a 2017 high versus the Euro and other currency It’s highly likely that the Federal Reserve will raise interest rates this month A major seller in the Silver market, causing it to break $18, helped Gold’s decline At...

GOLD A Fed Governor giving a strong indication that the Federal Reserve would raise interest rates this month, combined with President Trump’s positive speech last night, caused Gold/Silver to decline. Gold hit a low of $1,237 last night before bargain buyers became aggressive, driving the price back up to $1,250 per ounce. At 11am PST today, Gold is trading at...

GOLD In late trading yesterday, we saw some short-term profit taking for Gold which caused it to test the $1,250 support level. The Gold price quickly recovered in Asian and European trading this morning. At 11am PST today, Gold is trading at $1,252 per ounce, down $8 on good volume. SILVER Silver sold off with Gold yesterday, reaching a low...

GOLD The Gold rally continues this morning in Asian and European markets, with Gold reaching a high of $1,264 per ounce. Both physical demand and future’s trading volume has picked up in the past week during the current rally. At 11am PST today, Gold is trading at $1,260 per ounce, up $3 on excellent volume. SILVER Today we saw Silver’s...

GOLD Gold has had a great week, hitting 3-Month highs in the face of a lot of negative news: The Federal Reserve calling for 3 interest rate increases this year U.S. Equity markets continuing to set new record highs The U.S. Dollar moving higher versus the Euro New record 2017 highs for  Gold being held in  ETF (paper Gold) depositories...