Daily Market Report

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 . . . .

This morning the world’s equity markets have stabilized and Gold moved higher in Asian, Middle Eastern, and European markets . . . .

Alongside a drop of 2,700 point in the Dow Jones average since the beginning of February (10.3%), Gold has dropped $35 (2.5%) during the same period . . . .

A weaker U.S. equity market is bringing in fresh buyers to the precious metal trading pits . . . .