Daily Market Report

GOLD During trading yesterday, Gold briefly broke the important $1,250 per ounce support level, reaching a low of $1,245 per ounce. At that point, excellent demand appeared and drove the price back up to $1,260. Now, Gold has established a short term support range between $1,250 and $1,260 per ounce. I look for Gold to move higher early next week...

GOLD In late trading yesterday, the Federal Reserve released their latest minutes. The minutes left an opening for a possible interest rate increase in June. This news caused Gold/Silver to decline sharply, and the U.S. Dollar to rally. After the Fed’s news, Gold dropped to a low of $1,246 per ounce in Asian trading before finding bargain buying. The Fed...

GOLD The markets continue to consolidate while building a nice long base for the next leg up. This is very impressive news for Gold considering the U.S. Dollar is hitting a 3-week high. We are currently awaiting the FOMC meeting news, due out at 11am PDT today. At 11am PDT, Gold is trading at $1,273, down $4 per ounce on...

GOLD George Soros, who once called Gold “the ultimate bubble,” has resumed buying the precious metal after a three-year hiatus. On Monday, the billionaire investor disclosed that in the first quarter of 2016 he made a $123.5 million investment in Gold. At 11am PDT today, Gold is trading at $1,275, up $2 per ounce on normal volume. SILVER Silver continues...

GOLD Gold opened $5 higher this morning in Asian trading upon news of slowing Chinese economic growth and a small selloff in Asian stock markets. At 11am PDT, Gold is down $1 per ounce, trading at $1,273 on average volume. SILVER Silver reached a low of $17.04 (above the key $17 per ounce support level). At that point, bargain buying...

GOLD After testing support by reaching a low of $1,265 per ounce, bargain buying appeared. I would like to see Gold end the week above the $1,260 per ounce level, staying in its recent trading range. At 11am PDT today, Gold is up $2 per ounce, trading at $1,273 on weekend type volume. SILVER Silver is trading above and below...

GOLD For most of today’s trading session, Gold was in the $1,268 to $1,275 range. The consolidating continues as Gold builds a base for the next leg higher (above $1,300) within the next couple weeks. At 11am PDT today, Gold is trading at $1,270 per ounce, down $5 on average volume. SILVER This morning Silver tested and held above the...

GOLD Gold found some fresh buying this morning in the Middle East and Europe, and rolled into the U.S. commodity markets with a $6 increase in price. Buying continued above $1,270 and reached $1,279 before some light profit taking was seen. At 11am PDT today, Gold is trading at $1,275, up $10 on good volume. SILVER It appears that the...

GOLD We are now in the second week of Gold price consolidation, as it trades between $1,250 and $1,300 per ounce. I believe we will see Gold move up gradually the remainder of this week, with one more possible test of the $1,250 support level. Then, next week, with India’s wedding festival season starting, both the Gold demand and price...

GOLD A short term rally in the U.S. Dollar has negatively affected both Gold and the commodity markets this morning. Gold demand for physical investment products remains strong. At 11am PDT today, Gold is trading at $1,264 per ounce, down $27 on average volume.   SILVER Silver is testing its $17 per ounce support level today. After seeing a 30...