Daily Market Report

The U.S. Dollar rally and an increase in interest rates have affected the Gold price negatively . . . .

Gold has been trying all day to stay above the key $1,300 per ounce support/resistance level . . . .

In late morning trading the Gold price started a rally, quickly moving back above the $1,300 support/resistance level . . . .

Gold traded today in a very narrow $7 high/low range, from a high of $1,298 and a low of $1,291 per ounce . . . .

The Gold price dropped to its lowest level in over three weeks ($1,288) this morning after the Federal Reserve meeting yesterday . . . .

The Federal Reserve ended a two-day meeting today with a statement confirming a high probability of an interest rate increase in December . . . .

Gold showed increased demand this morning when it hit its low of $1,305.70 per ounce . . . .

This morning the U.S. Dollar continues its recent move higher and interest rates have ticked higher, causing the world’s equity markets to move higher and Gold to move lower. . . .

Gold hit a high of $1,334 per ounce on news of the North Korean missile launch and a major drop in the U.S. Dollar’s value in overnight trading . . . .

This morning, Gold once again tested the $1,320 support level, by reaching a low of $1,316 . . . .