Daily Market Report

GOLD Earlier this morning in Asian markets, many economists cut China’s economic growth forecasts for the coming year. The revised forecasts lowered China’s growth from 8% to 7.8%. This news negatively affected the Gold and Silver prices. This morning Gold tested the key $1,420 per ounce level and held. To become short term bullish, we need to see Gold break...

GOLD Gold opened lower this morning in the Asian markets and found substantial buying at the $1,424 per ounce level. Sales of ETF paper Gold holdings continue to drive holdings lower, while physical demand for Gold investment products continues to increase. At 11am PDT today, Gold is trading at $1,436 per ounce, down $3 from last Friday’s price. World’s largest...

GOLD Today’s very strong U.S. Dollar, combined with an announcement from the G7 monetary meeting that “Gold could retest the $1,322 low”, and a statement by Bank of America Merrill Lynch “That Gold could hit $1,200 per ounce in the short-term”, caused the Gold price to breakdown below the current $1,450 per ounce support level. After the support level was...

GOLD Today Gold has been consolidating in the $1,460 to $1,480 per ounce area. The sentiment in the trading pits has recently changed. Most professionals on the trading floor that I speak with are now buying on dips, versus remaining neutral or selling on rallies. This is very positive for the short term direction of Gold. However, I still need...

GOLD Yesterday in the U.S., and early this morning during Asian trading, Gold tested the $1,450 per ounce support level and HELD on a very heavy volume of trading. This is the third time Gold showed sizeable demand under $1,450 per ounce. Now, Gold should breakout above the $1,490/$1,500 resistance level and continue its move higher. Today, in the face...

GOLD Gold dropped $28.00 per ounce this morning as news of Vietnam’s intention to sell 10 tons of Gold caused heavy selling in the Asian markets. While central bank sales are generally off market transactions, the fear is that Vietnam’s decision could be a harbinger of broader central bank sales in the region. Additional negative news that the paper Gold...

GOLD Today we are seeing excellent consolidation in the Gold market. After April’s price volatility, Gold is now developing an excellent trading range in the $1,450 to $1,490 per ounce levels. At 11am PDT today, Gold is up $4.00 per ounce trading at $1,469 per ounce on excellent volume. Late last Friday a report by the Commodity Futures Trading Commission...

GOLD Gold reached $1,488 per ounce in Asia this morning before the U.S. Labor Department announced that the U.S. economy added 165,000 net new jobs and the unemployment rate dropped to 7.5%, its lowest level in more than five years. The financial markets feel that positive economic signs, like an improvement in employment numbers, would make the Federal Reserve less...

GOLD Gold went up $17 per ounce early Thursday morning after the European Central Bank (ECB) cut its interest rates by .25% for the first time in 10 months, and President Mario Draghi said the central bank is technically ready for negative interest rates. Lower interest rates favor Gold as they encourage investors to put money into non-interest bearing assets...

GOLD Gold sold off this morning testing the $1,450 support level, and reaching $1,440 per ounce at one point. Excellent buying volume came into the Gold market today when it was trading below the $1,450 level. At 11am PDT Gold was down $21 per ounce, trading at $1,451 per ounce on excellent volume. On Tuesday the Arizona State Senate approved...