Daily Market Report

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...

GOLD The recent decline in the Gold price continues for the fifth trading day in a row. Gold reached a low of $1,114 per ounce this morning. The bears have regained control of the Gold commodity exchanges, but the Gold equities have been relatively stable. Without any exciting news, I think the $1,100 per ounce support level will be tested...

GOLD Gold continues its recent sell off this morning, reaching a low of $1,132 per ounce in early Asian trading. Gold found excellent bargain buying demand below $1,135 per ounce. At 11am PDT today, Gold is trading at $1,136 per ounce, down $6 on excellent volume.   SILVER Silver broke down with Gold, moving below its recent $15.50 per ounce...

GOLD This was not a happy week for Gold investors. After breaking down below the key $1,150 support level yesterday, the bears came back. Today, Gold is closing on the lows of the week due to light margin call selling. At 11am PDT today, Gold is trading at $1,142 per ounce, down $6 on normal weekend light volume.   SILVER...