Daily Market Report

GOLD Gold tested the $1,200 per ounce level this morning on respectable volume, and held. I believe 95% of 2013’s tax loss selling by mutual funds to delete Gold from their year-end financial reports has been completed. Tomorrow, we will see very light trading in the commodity pits as trading will be closed early for the New Year holiday. At...

GOLD The low volume of trading continues worldwide in the Gold pits. As Gold trades in a narrow $11 per ounce high/low range it provides no short term direction. Hopefully, on Monday the trading volume of trading will pick up, test support levels, and start a 2014 rally. At 11am PDT today, Gold is trading at $1,214 per ounce, up...

GOLD Gold rallied $12 this morning after a disappointing unemployment report was released. This report showed that first-time claims for unemployment benefits fell to 338,000 in the week ending on Dec. 21st. Economists had forecasted a decline to around 345,000 claims. Although I am happy to see Gold rally, I am disappointed that the trading volumes are very low worldwide...

GOLD Gold rallied in Asia this morning, moving back above the $1,200 resistance/support level as India’s commerce ministry calls for easing of Gold import restrictions. Gold continues to trade in a narrow $10 price range from $1,196 to $1,206 on light volume. When the volume picks up, the short term direction of the price will be made clear. At 11am...

GOLD This morning, Gold traded as low as $1,191.80 per ounce on Asian markets before rallying back above the important $1,200 level. The volume is not what I would like to see, but it is a holiday week and a good number of traders are on vacation. At 11am PDT today, Gold is trading at $1,199 per ounce, down $4...

GOLD Yesterday, the bears took control of the precious metal markets on the heaviest volume I have seen in weeks. Gold broke down below the key $1,200 per ounce level and kept on going, reaching $1,186 per ounce, before finding some short covering support. CNBC wrongly reported all day yesterday that $1,186 was a three year low for Gold. They...

GOLD After yesterday’s Federal Reserve announcement about reducing the $85 billion monthly stimulus, there was a real war in the precious metal trading pits. Gold initially dropped after the $10 billion monthly reduction was announced to $1,222 per ounce, then quickly rallied to $1,245 on massive short covering. After Gold’s short covering rally, it actively traded between $1,232 and $1,239...

GOLD Many of the precious metal floor traders are short on Gold and Silver ahead of the release of the December Federal Reserve minutes. After the Federal Reserve announced they are going to cut their $85 Billion stimulus by $10 Billion, Gold first rallied $5 per ounce, then dropped to $1,222, before a short covering rally started. At 11am PDT...

GOLD As the precious metal markets wait for direction from tomorrow’s Federal Reserve’s meeting, Gold sold off $16 per ounce today. The short term bias is still negative, but any delay in reducing the $85 billion stimulus could change the direction. At 11am PDT today, Gold is trading at $1,229 per ounce, down $15 per ounce on average volume. SILVER...

GOLD Gold is up $8 today on light Asian buying, and still trading in its recent trading area. The US Federal Reserve will be meeting on Tuesday and Wednesday this week. The meeting could spell out the Fed’s plans as to when they might begin tapering the stimulus program. If the tapering is likely to begin in March, there could...