Daily Market Report

GOLD After last week’s dramatic correction the Gold market is starting to stabilize in the $1,155 to $1,170 area. Gold hit a new 2015 low of $1,155 earlier this morning in Asia before see bargain buying. At 11am PST today, Gold is trading at $1,162 per ounce, down $6 per ounce on average volume. SILVER Silver is trading in a...

GOLD After Friday’s $33 decline, Gold rallied this morning in Asia, reaching a high of $1,175.80 per ounce before seeing any resistance. Gold has now established a new trading range between $1,150 and $1,175, as physical demand in Asian markets increases dramatically. At 11am PST today, Gold is up $2 per ounce, trading at $1,168 per ounce on normal volume...

GOLD It was announced today that the U.S. Labor force added 295,000 new jobs in February. This is much higher than expected and a strong sign that the labor market has improved and the economy is recovering. The unemployment rate fell to 5.5% from 5.7% -- the lowest since May 2008. This news was bullish for the U.S. Dollar, but...

GOLD The US Dollar is trading at an 11-year high versus the Euro. Since we look at Gold in US Dollar terms, a very strong Dollar is negative for the price of Gold. Gold did get some price support after China lowered its GDP targets for 2015. Gold continues to stay in the $1,190 to $1,223 trading range. At 11am...

GOLD Gold’s bull/bear war continues. For the past month Gold has shown great support above $1,190 per ounce, while seeing resistance/selling at the $1,223 per ounce level. Many professional commodity traders are profiting from this trading range. I give the upside breakout a 70% chance, barring any negative geo-political event. At 11am PST today, Gold is trading at $1,202, down...

GOLD What does it mean when the U.S. Nasdaq Index and Dow Jones Industrial Average closed at a 15-year all-time high yesterday? I believe it means that big money thinks that our economy will be at full throttle within the next year; an excellent climate for precious metals. Gold continues to test the $1,200 support level today, reaching a low...

GOLD This morning Gold tested the $1,223 per ounce short term resistance level in Asia/Europe/U.S. and failed to breakthrough. Gold dropped below $1,207 per ounce before sizeable buying appeared. At 11am PST today, Gold is trading at $1,209, down $5 per ounce on average volume. SILVER Silver stayed in a narrow $0.41 high/low trading range today between $16.41 and $16.82...

GOLD Gold continued its 3 day rally this morning, reaching a high of $1,219.70 per ounce. I am looking for Gold to move above $1,223, which is the short term resistance number. At 11am PST today, Gold is up $5, trading at $1,214 per ounce on average volume. Technology giant Apple may soon buy up one third of the world’s...

GOLD Gold moved higher this morning, reaching a high of $1,220 before seeing short term profit taking. It was reported today that net Gold imports to China, from its main conduit Hong Kong, climbed to 76.118 tonnes in January 2015, up from a three-month low of 71.381 tonnes in December. At 11am PST today, Gold is trading at $1,209 per...

GOLD After hitting a monthly low of $1,190 per ounce yesterday, Gold found a few sellers which caused the price to rally to today’s high of $1,212.30. The light volume is an excellent indicator of a lack of fresh selling and possibly short sellers taking profits. Chinese buyers returning from a week-long Lunar New Year holiday were active bargain buyers...