Daily Market Report

GOLD $1,200 per ounce here we come. Yesterday’s rally above the $1,166 to $1,175 is causing a sizeable amount of professional short covering that could easily send the price up to $1,200 very soon. Today, Gold moved above $1,180, well above the 200 Day Moving Average of $1,176 per ounce. At 11am PDT today, Gold is up $16.50, trading at...

GOLD This morning Gold tested the $1,150 support level, reaching $1,151.80 per ounce, then rallied. This morning’s rally took Gold above the $1,166 resistance level, reaching a high of $1,167.50. A firm break above $1,166 on good volume could allow Gold to reach the important $1,200 per ounce long term resistance level. At 11am PDT today, Gold is up $8...

GOLD Gold moved higher this morning (reaching a three-week high) after minutes from the Federal Reserve’s last policy meeting showed that the Fed was in no hurry to raise interest rates. Gold moved back above the key $1,150 resistance level this morning on excellent volume. I really like the recent price activity of spot Gold trading on the exchanges. The...

GOLD After moving above the key $1,150 per ounce resistance level yesterday, this morning Gold showed some short term profit taking. Gold moved to a low of $1,136 in early Asian trading before serious buyers appeared. At 11am PDT today, Gold is trading at $1,148 per ounce, down $1 on average volume.   SILVER This morning there was serious selling...

GOLD Gold has broken above the key $1,150 resistance level six times since August 1, but hasn’t been able to hold. I believe Gold will break through the $1,150 per ounce barrier very soon. This is an important short term resistance area for Gold in order to move to the $1,200 long term resistance level. At 11am PDT today, Gold...

GOLD Gold demand remains strong as the price moved higher this morning. Gold briefly rose above the $1,150 resistance level, reaching $1,151.40 per ounce before seeing some short term profit taking. At 11am PDT today, Gold is trading at $1,147 per ounce, up $10 on excellent volume.   SILVER Silver’s rally continues, with Silver increasing $1.45 per ounce in just...

GOLD This morning Gold is holding last Friday’s rally, trading between $1,130 and $1,142 per ounce on excellent volume. This is surprisingly good in the face of a stronger U.S. Dollar and Stock Market today. At 11am PDT today, Gold is trading at $1,137 per ounce, up $1 on good volume.   SILVER Silver continues Friday’s rally, moving above the...

GOLD After reaching a two week low of $1,104 in early Asian trading, the Gold price quickly rallied. Fresh buying, combined with a weak U.S. Jobs report for September, drove Gold and Silver prices straight up, and drove the Dow Jones down 250 points. Today’s $22 rally in the Gold price was very impressive, as the CME Gold trading volume was...

GOLD After hitting $1,156 last Thursday, Gold has declined 5 trading days in a row. Today, Gold reached a low of $1,111 per ounce on normal volume, before buyers appeared. Unless Gold breaks back above the $1,120 by Monday, I am looking for a re-testing of the $1,100 per ounce long term support level. At 11am PDT today, Gold is...

GOLD To say I was disappointed with the decline in the Gold price today, breaking below the $1,120 support level, would be an understatement. Hopefully, today’s decline is temporary and it will move back above the $1,120 level by the weekend. However, if the price doesn’t recover quickly, we could see another test of the long term support level of...