Daily Market Report

Many of the professional floor traders that I spoke with late yesterday and today are thinking Gold is back on the bullish trail . . . .

Today Gold has traded in a very narrow $8 per ounce high/low range, from $1,292 to $1,284 per ounce . . . .

Supported by heavy Chinese bargain buying. . . . 

This morning in Asian markets Gold saw lots of Chinese bargain buying, as the Chinese returned from their holiday . . . .

Today, Gold continues to trade in the $1,270 to $1,280 price range, looking for short-term direction . . . .

Gold reached a high this morning of $1,282, in its first attempted rally to break out of its recent narrow trading range . . . .

Today Gold has traded in a very narrow $6 high/low spread, from $1,274 to $1,268 per ounce. It appears Gold is finding excellent support around the $1,270 level . . . .

This morning, as the U.S. Dollar continues its recent rally, Gold is trading from a low of $1,271 per ounce to a high of $1,276, as it appears to be bottoming out

The U.S. Dollar continues to rally based on the hope that $3 trillion, currently held overseas by American corporations, could be repatriated in the coming year . . . .

The recent decline in the Gold price appears to have bottomed out this morning at $1,277 per ounce . . . .