Daily Market Report

GOLD This morning the US trade deficit for March 2015 was reported. This deficit exploded to $51.4 billion, a six-year high. This was much more than the $41.7 billion economists had expected. The deficit rose by 43.1%, the largest increase in 18 years. This negatively affects the 2015 GDP, and caused Gold to test the $1,200 per ounce level in...

GOLD Weak Chinese economic data, which should be followed by increasing monetary stimulus, has helped Gold move higher this morning in Asia. Gold rallied back into the $1,180 to $1,220 trading area, reaching a high of $1,193 in early European trading. At 11am PDT today, Gold is trading at $1,188 per ounce, up $13 on good volume. SILVER Silver rallied...

GOLD The Gold bears were able to drive the price below the $1,180 support level this morning on light trading volume. At one point the Gold price traded at $1,170 per ounce, then quickly rallied back to $1,175. It’s important that Gold moves back above the $1,180 area on Monday. At 11am PDT today, Gold is down $9 per ounce...

GOLD The U.S. Labor Department reported today that the U.S. Jobless rate dropped to 262,000, a dramatic reduction of 34,000 jobs last week. This is a key indicator for the Federal Reserve when determining interest rates. This news was negative for Gold and Gold quickly dropped to $1,177 per ounce, then rallied back above the $1,180 support level on excellent...

GOLD A combination of this morning’s weak GDP report (showing that the first quarter only had growth of .02%) and today’s Federal Reserve report, should be negative for equities and the U.S. Dollar. Today, the U.S. Dollar fell to 1.11 versus the Euro and Gold moved up $6 from the $1,204 low. In today’s Federal Reserve report the Feds removed...

GOLD With Gold breaking back above the key $1,200 resistance level yesterday, this morning there is a lot of professional short covering. Last Friday, Gold broke below the recent $1,180 to $1,220 per ounce trading range, which caused many professional traders to short Gold contracts. Today, with Gold firmly above $1,200, they are covering those short sales. At 11am PDT...

GOLD After breaking below the $1,180 to $1,200 per ounce trading range and Gold reaching a low of $1,174 per ounce last Friday, this morning the Asian bargain buyers came back. Heavy demand caused Gold to move back above the key $1,200 level, reaching a high of $1,207.60 during trading. It is still very important that Gold move out of...

GOLD Gold tested its $1,180 support level this morning, reaching a low of $1,175.10 per ounce. Before most major Gold rallies, I normally see a clean out of weak investors holding exchange 100-ounce Gold contracts on margin. This clean out is quick, with high trading volumes, and causes panic stop-loss selling for one or two days. This creates a new...

GOLD Today Gold appears to have rebounded from yesterday’s loss and is now fighting to break the $1,200 level again. Gold continues to consolidate in the $40 trading range from $1,180 on the low, to $1,220 on the high. In the not to distant future I do expect to see Gold break the $1,200 level as physical demand for Gold...

GOLD Gold traded above $1,200 today until the US markets opened, at which time the Bears came in, putting pressure on the market. I suspect this happened as the Eurozone released disappointing data which initially affected the US Dollar. We’re still waiting to see what happens with Greece and what major developments may be on the horizon, but until then...