Daily Market Report

Our new Federal Reserve Chairman, Jerome Powell, has been testifying to the U.S. House of Representatives this morning . . . .

Early this morning, initial buying in China took the Gold price to a high of $1,341 per ounce . . . .

A stronger U.S. Dollar and U.S. interest rates moving higher are keeping Gold at current levels . . . .

I attribute much of this week’s decline in the Gold price to the Chinese New Year celebration as most Chinese businesses are closed the entire week . . . .

Gold has been fairly quiet this morning in part from the anticipation of the latest Fed news . . . .

A strong U.S. Dollar caused Gold to decline in Asian and European markets this morning

Gold showed some resistance and short-selling this morning when the price moved over $1,360 per ounce . . . .

Gold tested the $1,350 per ounce support level, reaching a low of $1,348 in early trading . . . .

This morning, the Gold market was woken up by a sharp increase in the Consumer Price Index (CPI) for January . . . .

Gold is trading in a very nice tight $10 High/Low range, from $1,321 to $1,331 per ounce . . . .