Daily Market Report

GOLD I have turned short term negative on Gold, based on yesterday’s failure of Gold to break above the key $1,100 per ounce resistance level. After the terrorist activity in Paris and a rally in crude oil, Gold should have shown “Safe Haven” strength and it didn’t. So, Gold setting a new six year low of $1,064 per ounce today...

GOLD What happened last night in Asia when the Gold market opened after the ISIS attack in Paris? Gold quickly rallied up $16 per ounce, reaching a high of $1,098 on fresh buying. Then, as the Gold market rolled into European and U.S. trading, the price sold off. Many traders, seeing that the strength of the rally couldn’t move it...

GOLD Gold is treading water, trading in a $10 high/low range, from $1,089 to $1,079 per ounce. Global physical demand continues to be strong from central banks and consumer demand. At 11am PDT today, Gold is up $0.22 per ounce, trading at $1,082 per ounce.   SILVER Silver hit another new monthly low this morning of $14.17 per ounce. At...

GOLD The Gold price continues to set new recent lows daily. Today Gold reached a low of $1,074.20, just $2 away from this year’s low. A high trading volume break below the $1,072 level could easily take the price down to $1,050 because of margin calls and technical short sells. However, today Gold did find excellent demand at the lows...

GOLD I am getting very disappointed with the recent Gold trading. If Gold doesn’t rally above the $1,100 per ounce level on good volume by Friday, I think we will soon test and/or break below the July 24th low of $1,072.30. That could be the final clean out before the long awaited turn into a major bull rally. At 11am...

GOLD The U.S. Dollar continues to rally as Gold stays in a tight high/low price range. With the increased Gold demand I am a little disappointment that the Gold price hasn’t rallied back above the key $1,100 per ounce level. Gold is trading just above and below the $1,090 per ounce level looking for direction. At 11am PDT today, Gold...

GOLD This morning Gold is holding in a narrow range from $1,089 to $1,096 per ounce. Gold needs to move back above the $1,100 per ounce level quickly to encourage traders to be long. At 11am PDT today, Gold is trading at $1,090 per ounce, unchanged from Friday.   SILVER Silver has found some bargain buyers and short covering around...

GOLD This morning the U.S. Labor Department reported that the U.S. economy added 271,000 jobs in October. Strong hiring in October drove the unemployment rate down to 5%. This increase was much higher than economists had predicted and the stock and precious metal markets declined quickly. After the Job’s announcement Gold immediately dropped $21, reaching a low of $1,084.50 per...

GOLD An Interesting article, by Hebba Investments, was posted yesterday (See link below). Hebba points out that the unemployment number that will be released tomorrow will provide the needed information that would help the Federal Reserve make the decision on the direction of interest rates at their December meeting. Gold/Silver prices would be dramatically affected by the Federal Reserve’s decision...

GOLD The eyes of most precious metal traders are on Congress this morning as the Fed Chairman is testifying. Chairman Yellen just stated that the Federal Reserve is still considering raising interest rates next month. This statement drove the U.S. Dollar higher, and drove both the Dow Jones and Gold/Silver lower. In this environment, I still believe Gold will test...