Daily Market Report

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...

GOLD As Federal Reserve Chairman Janet Yellen speaks to the Senate Finance committee about interest rates staying unchanged for the next 3-4 months, Gold continues to move above and below the important $1,200 per ounce support level. At 11am PST today, Gold is trading at $1,198 per ounce, down $4 per ounce on average trading volume. SILVER Silver has been...

GOLD This morning Gold tested the $1,200 per ounce support level again, dropping to $1,191 per ounce before sizeable buying appeared driving the price back up to $1,210. At 11am PST today, Gold is trading at $1,202 per ounce, down $2 on excellent volume. SILVER Silver reached a low of $16.08 per ounce earlier this morning before rallying back. At...

GOLD Gold is testing the $1,200 per ounce support level again, reaching a low of $1,199.80 in early trading. The U.S. Dollar’s strength combined with weekend selling has put pressure on the price today. Many traders are waiting for some fresh news from the European Central Bank meeting. At 11am PST today, Gold is trading at $1,205 per ounce, down...