Daily Market Report

GOLD According to a record of the Jan. 27-28 Federal Open Market Committee meeting released yesterday at 2pm EST, many Fed Officials were inclined to keep zero rates longer. After that news, Gold quickly rallied $7 off the $1,200 lows and this morning’s Asian trading reached a high of $1,223 per ounce. Yesterday the U.S. producer prices index was released...

GOLD The moment of truth has hit the world’s Gold trading markets. This morning Gold has traded above and below the key long term $1,200 per ounce support level. Gold needs to hold above that very important support level to stay bullish. At 11am PST today, Gold is trading at $1,201, down $7 per ounce in active trading. SILVER In...

GOLD During the long holiday weekend Gold traded in a very narrow range from $1,228 to $1,237. Trading volume in China is increasing as we approach the Chinese New Year (Year of the Goat). The Chinese New Year - celebrated this year on February 19th - marks the peak period for Chinese households to buy Gold. This morning the Gold...

GOLD Gold bottomed out in Asia this morning as a fresh wave of buyers appeared after the open. After hitting a monthly low of $1,216 on Wednesday, we saw excellent consolidation and the buyers came in today. Like I have said many times, the Chinese love cheap Gold and they are major physical buyers. At 11am PST today, Gold is...

GOLD The Gold price increased today, as U.S. retail sales in January fell more than forecast, signaling a cooling economy and increasing demand for Gold. At 11am PST today, Gold is trading at $1,224 per ounce, up $2 per ounce with average trading volume. SILVER Silver traded just above and below the key $17 per ounce level. At 11am PST...

GOLD Last Friday’s improvement in U.S. data, as evidenced by the U.S. Department of Labor’s employment report, continues to strengthen the value and demand for the U.S. Dollar. Positive U.S. economic news keeps selling pressure on precious metals, because of the belief that interest rates within the U.S. will rise sooner than expected. Early today Gold reached a low of...

GOLD Gold opened in Asian higher this morning, trading at $1,246 before selling appeared. The market tested $1,230 and held well on good volume. At 11am PST Today, Gold is trading at $1,234 per ounce, down $8 per ounce on excellent trading volume. SILVER Silver is fighting to stay above the $17 per ounce level today. It’s been as low...

GOLD As I mentioned in last Friday’s blog, the Asian buyers love cheap Gold and jumped all over Gold this morning when it opened at $1,235 per ounce. The heavy Gold buying quickly took the price up to $1,244 per ounce. I would like to see Gold break back above $1,250 by Wednesday. At 11am PST today, Gold is trading...

GOLD A combination of a strong U.S. Jobs report (257,000 new jobs in January), a drop in Chinese Gold consumption for the last quarter of 2014, and a strong U.S. Dollar versus the Euro, caused Gold to drop today. This morning Gold fell to $1,228 before finding major support. Today’s decline came with the highest CME trading volume for the...

GOLD Gold continues to build a base in the $1,250 to $1,280 per ounce area. Considering January’s $100 Gold rally from the 2014 lows, this is very healthy for the market. Many of the professional commodity traders I have spoken to this week are aggressively buying Gold on dips. At 11am PST today, Gold is up $1 per ounce, trading...