Daily Market Report

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...

GOLD After reaching a low of $1,217 per ounce yesterday, Gold rallied in overnight trading to $1,234. After the break below the $1,250 per ounce support level, I expected a recovery rally, but was surprised to see that the rally didn’t hold. If Gold can’t hold above the recent low of $1,217 per ounce today or tomorrow, I would expect...

GOLD After breaking below the $1,250 per ounce support level yesterday, Gold is trying to establish a new short term trading range. Gold did hit a low of $1,217 per ounce in early Asian trading before finding bargain buying. At 11am PDT today, Gold is trading at $1,224, down $6 per ounce on average volume. SILVER Silver is showing better...

GOLD Continued concerns about the possibility of an increase in interest rates next month by the Federal Reserve and weaker physical demand figures from Asia have resulted in a small sell off in Gold. Gold reached a low today of $1,228 per ounce, which is a very attractive price. Remember, $1,200 is our long term support level, and based on...

GOLD During Asian trading this morning, Gold reached a low of $1,243 per ounce before attracting fresh buying. The Gold price has been trading between $1,243 and $1,256 per ounce today. A solid move back above the key $1,250 per ounce needs to happen very soon to keep the positive bias. At 11am PDT today, Gold is down $4, trading...