Daily Market Report

GOLD Today Gold traded in a narrow $9 range from $1,207 to $1,216 per ounce. I like this price consolidation after the recent break above the key $1,200 level. Recently, the strength or weakness of the U.S. Dollar is providing direction for the Gold price. At 11am PDT today, Gold is down $8 per ounce, trading at $1,210 per ounce...

GOLD This morning Gold was able to react to Friday’s disappointing Nonfarm Payroll report, opening up $11, at $1,212 per ounce, and moving to a high of $1,224.80. Currently the $1,220 level has acted has a strong resistance level, therefore it would be very bullish if Gold could move above $1,220 per ounce this week. At 11am PDT today, Gold...

GOLD Today’s release by the U.S. Labor Department of a disappointing Nonfarm payroll status is bullish for Gold. Nonfarm payroll only increased by 126,000 jobs in March, much less than was expected and earlier reports were already revised downward. This data is a high priority for the Federal Reserve when determining the direction of interest rates. I believe this will...

GOLD Four times this year the Gold bears were able to drive the Gold price below the key $1,200 per ounce support/resistance level. In one instance they were able to drive Gold low enough to make a new 2015 low ($1,141.60 on March 17th). In all four instances, sizeable demand appeared on the world’s commodity exchanges and physical markets to...

GOLD One of the primary indicators of the Federal Reserve Governors in determining the direction of interest rates is U.S. manufacturing. This morning, U.S. manufacturers reported activity in March that had slowed for the fifth consecutive month. The ISM’s manufacturing purchasing manager’s index fell from 52.9 in February, to 51.5 in March. The index has slowed every month since hitting...

GOLD Earlier this morning Gold tested the recent $1,180 support level and held, as Gold continues to trade in a narrow range. For most of today’s trading sessions Gold has stayed within the $1,180 to $1,190 per ounce level. At 11am PDT today, Gold is down $3 per ounce, trading at $1,183 per ounce on average volume. SILVER Silver continues...

GOLD A combination of a stronger U.S. Dollar and no escalation of hostiles in the Middle East caused Gold to open lower and stay there most of the trading day. I believe that Gold is consolidating its recent gains in the $1,180 to $1,220 per ounce price range. At 11am PDT today, Gold is trading at $1,186 per ounce, down...

GOLD Yesterday, Gold broke back above the key $1,200 per ounce support/resistance level on excellent trading volume. Over 245,000 CME April hundred-ounce Gold contracts were traded yesterday. This high trading volume is very bullish, and a sign of professional short covering and fresh buying. Gold has traded today between $1,192 and $1,206 per ounce trying to establish a new trading...

GOLD When Gold broke though the $1,200 per ounce resistance level this morning, it quickly rallied $20 per ounce. Gold reached the high of the day, $1,220, before seeing short term profit taking. For most of today’s trading session Gold has stayed between $1,200 and $1,210 per ounce. I would like to see Gold consolidate recent gains and trade in...

GOLD For most of today’s trading Gold has traded in a very narrow $3 high/low price range, from $1,196 to $1,199. Trading volume has been surprisingly above average, considering the narrow range. This consolidation is healthy, and when Gold breaks above the key $1,200 per ounce resistance level it should quickly move up $20 per ounce. Physical Gold demand has...