Daily Market Report

GOLD Gold is consolidating this week’s $30 gain today, trading above and below the $1,270 per ounce level. Next week we should see a little more base building, followed by a move towards the $1,300 per ounce resistance level. The bullish trend is firmly in place and adding additional Gold to your holdings is highly recommended. At 11am PDT today...

GOLD The rally continues, Gold buyers have been very aggressive in Asia and Europe. Gold demand in the U.S. markets (futures, options, and physical) is showing excellent demand. I believe that Gold will reach the $1,300 per ounce level this month. At 11am PDT today, Gold is up $11 per ounce, trading at $1,270 on excellent volume. SILVER Silver tested...

GOLD Declining expectations that the U.S. Federal Reserve will raise interest rates any time soon has caused a weaker US Dollar and has driven up Gold and Silver prices today. This morning Gold broke above the $1,250 resistance level and quickly reached a high of $1,264 per ounce. I was expecting this move on Thursday or Friday, but I’ll gladly...

GOLD Gold continues to consolidate last Friday’s $30 per ounce increase. For the most part of today, Gold is trading in the $1,240 to $1,245 per ounce range. A move above $1,250 per ounce later this week would be healthy and support the bullish sentiment. At 11am PDT today, Gold is trading at $1,245 per ounce, unchanged. SILVER Silver found...

GOLD During Asian trading this morning, Gold took its first June attempt to break above the $1,250 per ounce level. Today, Gold is trading in a tight $10 high/low trading range between $1,239 and $1,249 per ounce. Janet Yellen spoke earlier today and gave no precise timing for any increase in the Federal Reserve’s interest rate. At 11am PDT today...

GOLD I got my news… The U.S. Labor Department said today that Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010. In May, manufacturing and construction employment fell sharply, suggesting slippage in the labor market that will make it harder for the Federal Reserve to raise interest rates. After the Labor Department statement, Goldman...

GOLD Gold traded today in a narrow high/low range from $1,212 to $1,220 per ounce. It looks like traders are waiting for news to give the market a direction. At 11am PDT today, Gold is at $1,212 per ounce, up $1 on average volume. SILVER Silver really wants to stay above the $16 per ounce support/resistance level, but has traded...

GOLD The bears haven’t gone away; after Gold hit a high of $1,220 per ounce this morning, we saw some short term sellers appear, driving the price down to $1,206. Bargain buyers (bulls) continue to be aggressive when Gold nears the $1,200 long term support level. At 11am PDT today, Gold is trading at $1,211 per ounce, down $4 on...

GOLD During Asian trading this morning, Gold reached a low of $1,199 per ounce before attracting fresh buying and short covering. Gold quickly moved back up to the $1,217 per ounce level. At 11am PDT today, Gold is trading at $1,215 per ounce, up $3 on excellent volume. A few positive U.S. economic indicators were released today: U.S. consumer spending...

GOLD Since Tuesday (the day Gold broke below its $1,250 support level), Gold has seen a bull/ bear price war on heavy trading volume. I’m sorry to say that, based on today’s trading, it appears that the bears have won this short term battle. I expect to see Gold test the $1,200 per ounce long term support level next week...