Daily Market Report

GOLD This morning Gold moved higher in Asian trading, reaching a high of $1,209.60. At that time selling appeared and drove the price back under the important $1,200 per ounce level. The traders term for the recent trading activity in Gold is “Range Bound”, because, with a few brief exceptions, Gold has traded between $1,180 and $1,220 per ounce. At...

GOLD After hitting $1,188 per ounce in Europe this morning, fresh Gold buying appeared. The demand drove the price of Gold back above the key $1,200 resistance level. The tug-of-war between the Gold bulls and bears continues, while the price consolidates in the $1,200 area. At 11am PDT today Gold is trading at $1,202 per ounce, up $9 on excellent...

GOLD The Chinese released some negative economic data this morning which drove down the price of Gold, testing support at $1,183.50 per ounce. Gold continues to consolidate in the $1,180 to $1,220 per ounce price range. At 11am PDT today, Gold is trading at $1,193 per ounce, down $7 per ounce on better than average trading volume. SILVER When Gold...

GOLD As the U.S. Dollar strengthened, the price of Gold traded in a narrow $13 high/low trading range. Today, Gold reached a high of $1,209 and a low of $1,196 per ounce on normal trading volume. The $1,200 resistance/support level is important and I expect to see Gold hold that level. At 11am PDT today, Gold is trading at $1,200.50...

GOLD Gold broke back above the key $1,200 per ounce level this morning on excellent demand when Gold hit $1,193 in Asian trading. Gold has surged 3.5% in Euros and 2.2% in British Pounds this week. At 11am PDT today, Gold is trading at $1,206 per ounce, up $11 per ounce on above average Friday volume. There is a great...

GOLD The U.S. Dollar rallied today, moving to $1.04 to the Euro. This Dollar rally negatively affected Gold, driving the price down to $1,192.60 per ounce. I am very disappointed that Gold couldn’t hold the important $1,200 per ounce support level. However, there wasn’t a lot of professional selling or shorting after the price break, and Gold found good support...

GOLD Gold tested the very important $1,200 support level this morning, reaching a low of $1,200.70 per ounce. At that point trading volume increased as fresh buyers appeared, rallying the price back to $1,205 per ounce. At 11am PDT today, Gold is trading at $1,205 per ounce, down $5 on better than average trading volume. SILVER This morning Silver tried...

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...