Daily Market Report

GOLD April’s job increase of 223,000 (bringing the U.S. Unemployment rate to 5.4%) was in line with expectations. Gold quickly rallied $10 on the news and at one point reached $1,195 per ounce on normal light Friday trading. At 11am PDT today, Gold is trading at $1,189 per ounce, up $5 per ounce on light volume. SILVER Silver has been...

GOLD Gold tested the $1,180 level today, dropping to $1,179 at one point as the US Dollar strengthened against the Euro. At that point the bulls came in and Gold has shown good support at the $1,180 level. After seeing this response compared to the last few weeks, I am hoping to see Gold rally back above this important support...

GOLD Gold is trading within a narrow $10 high/low range today, between $1,198 and $1,188 per ounce. Many of the professional commodity traders are looking for news that will give this market some direction. At 11am PDT today, Gold is trading at $1,192, down $2 per ounce, on normal trading volume. SILVER Silver is showing excellent support above the $16.40...

GOLD This morning the US trade deficit for March 2015 was reported. This deficit exploded to $51.4 billion, a six-year high. This was much more than the $41.7 billion economists had expected. The deficit rose by 43.1%, the largest increase in 18 years. This negatively affects the 2015 GDP, and caused Gold to test the $1,200 per ounce level in...

GOLD Weak Chinese economic data, which should be followed by increasing monetary stimulus, has helped Gold move higher this morning in Asia. Gold rallied back into the $1,180 to $1,220 trading area, reaching a high of $1,193 in early European trading. At 11am PDT today, Gold is trading at $1,188 per ounce, up $13 on good volume. SILVER Silver rallied...

GOLD The Gold bears were able to drive the price below the $1,180 support level this morning on light trading volume. At one point the Gold price traded at $1,170 per ounce, then quickly rallied back to $1,175. It’s important that Gold moves back above the $1,180 area on Monday. At 11am PDT today, Gold is down $9 per ounce...

GOLD The U.S. Labor Department reported today that the U.S. Jobless rate dropped to 262,000, a dramatic reduction of 34,000 jobs last week. This is a key indicator for the Federal Reserve when determining interest rates. This news was negative for Gold and Gold quickly dropped to $1,177 per ounce, then rallied back above the $1,180 support level on excellent...

GOLD A combination of this morning’s weak GDP report (showing that the first quarter only had growth of .02%) and today’s Federal Reserve report, should be negative for equities and the U.S. Dollar. Today, the U.S. Dollar fell to 1.11 versus the Euro and Gold moved up $6 from the $1,204 low. In today’s Federal Reserve report the Feds removed...

GOLD With Gold breaking back above the key $1,200 resistance level yesterday, this morning there is a lot of professional short covering. Last Friday, Gold broke below the recent $1,180 to $1,220 per ounce trading range, which caused many professional traders to short Gold contracts. Today, with Gold firmly above $1,200, they are covering those short sales. At 11am PDT...

GOLD After breaking below the $1,180 to $1,200 per ounce trading range and Gold reaching a low of $1,174 per ounce last Friday, this morning the Asian bargain buyers came back. Heavy demand caused Gold to move back above the key $1,200 level, reaching a high of $1,207.60 during trading. It is still very important that Gold move out of...