Daily Market Report

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...

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...