Daily Market Report

GOLD Today’s announcement of 3.1% growth in the U.S. GDP had a negative effect on the Gold price, as it dampened expectations that the Federal Reserve would expand future monetary stimulus.This news combined with the lack of any settlement between Republicans and the President on the Fiscal Cliff issue has driven down the price of Gold. At 11am PDT today...

GOLD Gold has been on the defensive most of the morning, re-testing yesterday’s low of $1,660 and holding right now. In Asia this morning, there was sizeable physical Gold bargain buying coming from India. At 11am PDT today, Gold is trading at $1,669 per ounce, virtually unchanged from yesterday’s price. Trading volume is considered high.  Gartman Blames China for Sell-off...

GOLD The Dollar rallied this morning to the highest level versus the Euro since May, and Gold broke down below its short term support of $1,686 per ounce. After Gold traded below $1,686 technical traders and chartists shorted Gold, which drove the price down to $1,660 per ounce before major buying came in. At 11am PDT today, Gold is trading...

GOLD Gold trading stayed in a tight price range between short term support and resistance all day. Professional commodity traders were buyers of Gold at $1,686 per ounce (short term support) while taking profits when Gold got near $1,700 per ounce (short term resistance). Today’s testing and quick rally of the $1,686 per ounce support was the fourth time in...

GOLD Gold traded in a very narrow $7 high/low price range today on normal low Friday volume. I need to see Gold move back above the key support $1,700 per ounce level on Monday to stay short term bullish. It was released today that European Gold demand for investment and jewelry products increased 15% in 2012 and is predicted to...

GOLD Gold sold off today, because with the exception of the Fed’s targeting unemployment as an indicator for QE3, the Federal Reserve’s announcement was anticipated by many of the professional traders. These commodity traders had purchased call ahead of the announcement and sold into the market which rallied after the Federal Reserve statement and news conference. Additionally, Gold reacted negatively...

GOLD Gold traded higher today on the Federal Reserve’s announcement of additional stimulus starting next month, bring the quantitative easing for 2013 to almost $1 trillion. They also tied future monetary policy to a targeted unemployment 6.5% rate. (We will have more details on this extraordinary policy change in the next Weekly Market Report.) At 11am PDT today, Gold is...

GOLD Gold traded in a very narrow $10 range today awaiting an announcement tomorrow by U.S. Federal Reserve policy makers. They are expected to announce more stimulus measures (QE). Remember, any additional quantitative easing from the U.S. central bank would be viewed as unequivocally supportive of Gold because extra liquidity tends to debase the dollar and create future inflationary risks. ...

GOLD Gold has been higher since the opening in Asia, managing to shake off any negativity of the Fiscal Cliff issue. This is not due to any significant progress in the U.S. government’s negotiations but rather because this week’s FOMC meeting is highly likely to provide more monetary stimulus. Gold has traded in a narrow $15 range today, from $1,718...

GOLD This morning the Gold bears took another unsuccessful attempt at breaking down Gold below the $1,684 per ounce support level after the U.S. nonfarm payroll numbers were released. However, a cut by the European Central Bank in future interest rates and a fall in U.S. consumer sentiment provided support for higher Gold prices. I think we have seen this...