Daily Market Report

GOLD After yesterday’s Federal Reserve announcement that it has cut the number of interest rate rises it forecasts for this year, sending the dollar sharply lower and Gold reached $1,260 per ounce. The Fed also lowered its projections for U.S. economic growth, which added more incentive for buying Gold and Silver. Today, Gold continues its rally, moving to a high...

GOLD Gold traded on light volume in a very narrow $9 high/low price range today ($1,227 to $1,236 per ounce) as traders waited for the statement from the U.S. Federal Reserve meeting. I didn’t expect to see any policy change from the Fed, but it’s the tone, content, and wording that analysts and traders look for. After the Fed statement...

GOLD Gold reached a two week low this morning of $1,226 per ounce before finding heavy buying. Many traders are going neutral on Gold ahead of this week’s Federal Reserve meeting. The concern is that the Fed may give an indication that they could raise U.S. interest rates in June. If there isn’t any Fed statement suggesting an interest rate...

GOLD This morning, as stock markets and the U.S. Dollar gained, the price of Gold mostly traded between $1,240 and $1,250 per ounce. Precious metal traders are looking ahead to the closely watched policy statements from the U.S. and Japanese central banks later this week. At 11am PDT today, Gold is trading at $1,241 per ounce, down $9.50 on excellent...

GOLD After Gold reached a high of $1,283 per ounce this morning (a 13 month high), short term profit taking hit the market. That selling took the price down to $1,255 before major buying came back. At 11am PST today, Gold is down $13 per ounce and trading at $1259 on high volume.   SILVER Silver found strong support this...

GOLD This morning was the second time this week that Gold briefly broke below the key $1,250 per ounce support level. In early Asian trading today, Gold reached a low of $1,245.40 per ounce. At that point, the U.S. Dollar weakened on a statement from ECB Chairman Mario Draghi, that it is unlikely the Eurozone interest rates would drop. Then...

GOLD A stronger U.S. Dollar caused Gold to test its $1,250 per ounce support level this morning. Gold reached a low of $1,243 before sizeable buying appeared, driving the price back up to $1,260 per ounce. It’s clear to me that professional traders have set their program trading software to buy Gold on any weakness. At 11am PST today, Gold...

GOLD Gold reached a high of $1,278 per ounce this morning before seeing short sellers and light profit taking. Gold showed excellent support above the $1,260 level and is still in an excellent consolidation phase. The next major factors that would have a direct effect on the Gold price are Thursday’s policy statement by the European Central Bank, followed by...

GOLD For most of today’s Gold trading in the U.S. market, Gold has stayed in the $1,260 to $1,268 per ounce range. A price consolidation at this point in the 2016 Gold rally is very healthy for the short and long term. At 11am PST today, Gold is up $3 per ounce, trading at $1,265 per ounce on normal volume...

GOLD This morning the U.S. Labor Department released the February unemployment report. There were 242,000 new jobs created in February and the unemployment rate is still at 4.9%. When this news was released, Gold was trading at $1,260 and immediately dropped to $1,250 per ounce. Then within 10 minutes, massive buying appeared and the Gold price shot back up to...