Daily Market Report

GOLD After reaching a low of $1,217 per ounce yesterday, Gold rallied in overnight trading to $1,234. After the break below the $1,250 per ounce support level, I expected a recovery rally, but was surprised to see that the rally didn’t hold. If Gold can’t hold above the recent low of $1,217 per ounce today or tomorrow, I would expect...

GOLD After breaking below the $1,250 per ounce support level yesterday, Gold is trying to establish a new short term trading range. Gold did hit a low of $1,217 per ounce in early Asian trading before finding bargain buying. At 11am PDT today, Gold is trading at $1,224, down $6 per ounce on average volume. SILVER Silver is showing better...

GOLD Continued concerns about the possibility of an increase in interest rates next month by the Federal Reserve and weaker physical demand figures from Asia have resulted in a small sell off in Gold. Gold reached a low today of $1,228 per ounce, which is a very attractive price. Remember, $1,200 is our long term support level, and based on...

GOLD During Asian trading this morning, Gold reached a low of $1,243 per ounce before attracting fresh buying. The Gold price has been trading between $1,243 and $1,256 per ounce today. A solid move back above the key $1,250 per ounce needs to happen very soon to keep the positive bias. At 11am PDT today, Gold is down $4, trading...

GOLD During trading yesterday, Gold briefly broke the important $1,250 per ounce support level, reaching a low of $1,245 per ounce. At that point, excellent demand appeared and drove the price back up to $1,260. Now, Gold has established a short term support range between $1,250 and $1,260 per ounce. I look for Gold to move higher early next week...

GOLD In late trading yesterday, the Federal Reserve released their latest minutes. The minutes left an opening for a possible interest rate increase in June. This news caused Gold/Silver to decline sharply, and the U.S. Dollar to rally. After the Fed’s news, Gold dropped to a low of $1,246 per ounce in Asian trading before finding bargain buying. The Fed...

GOLD The markets continue to consolidate while building a nice long base for the next leg up. This is very impressive news for Gold considering the U.S. Dollar is hitting a 3-week high. We are currently awaiting the FOMC meeting news, due out at 11am PDT today. At 11am PDT, Gold is trading at $1,273, down $4 per ounce on...

GOLD George Soros, who once called Gold “the ultimate bubble,” has resumed buying the precious metal after a three-year hiatus. On Monday, the billionaire investor disclosed that in the first quarter of 2016 he made a $123.5 million investment in Gold. At 11am PDT today, Gold is trading at $1,275, up $2 per ounce on normal volume. SILVER Silver continues...

GOLD Gold opened $5 higher this morning in Asian trading upon news of slowing Chinese economic growth and a small selloff in Asian stock markets. At 11am PDT, Gold is down $1 per ounce, trading at $1,273 on average volume. SILVER Silver reached a low of $17.04 (above the key $17 per ounce support level). At that point, bargain buying...

GOLD After testing support by reaching a low of $1,265 per ounce, bargain buying appeared. I would like to see Gold end the week above the $1,260 per ounce level, staying in its recent trading range. At 11am PDT today, Gold is up $2 per ounce, trading at $1,273 on weekend type volume. SILVER Silver is trading above and below...