Daily Market Report

GOLD Based on the strength of the U.S. Dollar and traders selling their futures positions ahead of the weekend, Gold hit a low of $1,227 per ounce today on light volume. Gold continues to trade in the $1,210 to $1,250 range as its recent breakout above $1,250 per ounce was not sustained. Consolidation of the Gold price is healthy after...

GOLD Gold reached $1,243 in early Asian trading, then rallied up to $1,270 as the bulls took control of the Gold/Silver markets in late trading. The $1,250 per ounce level continues to be a bull/bear war for Gold. With the recent strength in the Silver price, I really need to see Gold break above the $1,265 level and stay there...

GOLD Gold tested the $1,250 per ounce support level this morning, reaching $1,246, and quickly rallied back. Considering the strength of the Silver price, I would expect to see Gold move above $1,260 very soon. At 11am PDT today, Gold is trading at $1,253 per ounce, up $1 on good volume.   SILVER Silver continues to be the super star...

GOLD Gold moved back above the key $1,250 per ounce support/resistance level this morning reaching a high of $1,257 before seeing some light profit taking. China launched Yuan-denominated Gold bullion trading today in a move that will further boost its power in the global Gold and foreign exchange markets. Critics of the existing pricing mechanisms hope that it will lead...

GOLD Gold and Silver held well in the face of a sizeable drop in the Oil market today. Gold has traded in a narrow trading range between $1,230 and $1,240 per ounce. Tomorrow, China will launch a Yuan-denominated Gold fix on the Shanghai Gold Exchange, just one more step in China’s move to replace the U.S. Dollar as the world’s...

GOLD It appeared that the recent round of short term selling, which took the Gold price down to $1,225, has ended. That price correction was due to a stronger U.S. Dollar and a drop in the Gold ETF Fund’s holdings. The price of Gold has moved higher since the Asian markets opened this morning. At 11am PDT today, Gold is...

GOLD Gold wasn’t able to hold over $1,250 and was sold down to $1,224 today. A stronger U.S. Dollar and lack of fresh Gold demand caused some short term profit taking. Gold is now in a short term trading range from $1,210 to $1,260 per ounce. At 11am PDT today, Gold is trading at $1,225 per ounce, down $22 on...

GOLD A short term rally in the U.S. Dollar, and some light profit taking after the recent Gold rally, moved the Gold price down to $1,240 before finding bargain buyers. Gold needs to move back above $1,250 this week to stay short term bullish. The U.S. budget deficit is moving higher. The deficit increased $461 billion in the last six...

GOLD A combination of strong physical demand and a weak U.S. dollar has given good support to the Gold price today. The U.S. Dollar is down 5% versus the Euro and 10% versus the Japanese Yen in the past couple months. A report out of Asia today shows that China purchased 183 tonnes of Gold in March, and 515 tonnes...

GOLD Gold reached a high of $1,260 today on a fresh wave of buying due to a weaker U.S. Dollar and strong safe-haven buying. Weak economic data coming out of Europe and Asia is providing concerns that negative interest rates and another round of quantitative easing is highly possible. At 11am PDT today, Gold is trading at $1,256 per ounce...