Daily Market Report

GOLD Recently, the direction of Gold has been determined by the statements coming out of Washington DC in regards to the potential Syrian missile attack. Yesterday, when it looked that there would be congressional support for a limited attack, Gold rallied. The statements this morning were not that supportive of the proposed legislation to attack Syria and Gold dropped to...

GOLD Over the long holiday weekend Gold broke below the $1,400 per ounce support area, reaching $1,384 per ounce. Then, on an official announcement from China regarding its August PMI (factory activity) hitting a 16-month high, Gold jumped back above $1,400. This increase in Chinese PMI is the fastest pace of growth in more than a year, showing a sizeable...

GOLD After reaching a low of $1,391 per ounce in overnight Asian trading, Gold is fighting to move back above the $1,400 per ounce support level. August was a very profitable month for Gold investors with Gold up $85 per ounce (6.5%). At 11am PDT today Gold is trading at $1,397 per ounce, down $15 per ounce for the day...

GOLD Gold has tested the $1,400 per ounce support level today, reaching a low of $1,402 per ounce this morning. Volume of trading today has been moderate, because traders are mostly neutral to bullish going into the long holiday weekend. At 11am PDT today, Gold is down $9, trading at $1,412 per ounce on average volume. SILVER After three days...

GOLD In Asia this morning, Gold rallied above $1,433 per ounce as India’s currency (Rupee) made its single largest drop in value versus the U.S. Dollar this year. The Rupee reached 68.80 rupee’s to one U.S. $1 today, compared to 56.75 to a Dollar at the beginning of the year, a 20% drop. India’s citizens love Gold and that’s a...

GOLD Up, up and away for Gold today! Breaking above the $1,400 per ounce resistance level on solid volume caused many of the professional traders to cover short sales. After suffering through the recent decline in prices the bulls now have the Gold market firmly in hand. Talk of a potential Syrian rocket strike has had some short term positive...

GOLD Gold rallied above $1,400 per ounce this morning, reaching $1,407 in Asia but couldn’t hold. At that point we saw short term profiting driving the price back under $1,400 per ounce. At 11am PDT today, Gold is trading at $1,393 per ounce, down $1 per ounce on average volume. Ever since Germany asked for the return of 300 metric...

GOLD A combination of a bullish Chinese manufacturing data report and a drop of 13.4% in July new home sales in the U.S., the largest drop since October 2012, caused Gold to rally sharply this morning. I would expect to see some resistance at the $1,400 per ounce barrier, but as I forecasted earlier this month Gold should be in...

GOLD Early morning Asian trading drove Gold down to a low of $1,355 per ounce. But at that price, consistent with recent demand, we have seen sizeable demand drive the price back above $1370 per ounce. Yesterday there was no clear message about future stimulus provided in the Federal Reserve minutes and Gold & Silver continue to look very attractive...

GOLD Gold sold off this morning on uncertainty over whether or not the U.S. Federal Reserve would begin curbing its economic stimulus. The Federal Reserve’s July minutes were released today with no firm indications on the future direction of their stimulus programs. Therefore, Gold immediately rallied off the day’s lows. At 11am PDT today, Gold is trading at $1,370, down...