Daily Market Report

GOLD Gold continues to try to find support above $1,700 per ounce. In early morning Asian trading, I saw active buying every time Gold went below $1,690 per ounce. At 11am PDT today, Gold is trading at $1,700.10 per ounce, up $6.60 per ounce on average volume. CFTC Finally Targeting Fraudulently Gold Sellers The U.S. Commodity Futures Trading Commission announced...

GOLD After a $25 price drop yesterday, Gold is trying to consolidate in the $1,700 per ounce price range. Earlier this morning Gold did trade as low as $1,685 per ounce average volume. For most of the day, Gold has traded in the $1,690 to $1,700 area. At 11am PDT today, Gold is down $4.85 per ounce, trading at $1,693.50...

GOLD Gold sold off in Asian overnight trading when a large hedge fund sold approximately 4,000 February 100oz Gold contracts (400,000 ounces) which caused Gold to drop $12 during the Japanese trading day. Gold broke through the important $1,700 per ounce psychological resistance level and traded below the 100 day moving average at $1,697.75. At 11am PDT today Gold is...

GOLD Gold traded today in a tight $12 price range, from $1,712 to $1,724 per ounce on light volume. The $1,700 per ounce level is has become an excellent support level for many of the professional traders. The current short term resistance level is $1,755 per ounce. At 11am PDT Today, Gold is up $7.10 per ounce, trading at $1,719.70...

GOLD House Speaker John Boehner’s press conference this morning cast a negative impression on any quick settlement to the Fiscal Cliff crisis, thus putting pressure on the equity and precious metal markets. In overnight news the government of Japan announced a new $10.7 billion stimulus. This new plan roughly doubled the size of a stimulus package announced in late October...

GOLD The Gold buyers came in yesterday, after testing the $1,700 per ounce price support level, ending the day with $26 per ounce drop. This morning the market opened higher and kept on going higher. At 11am PDT Today, Gold is trading at $1,727.80 per ounce, up $9.10 per ounce on average volume. SILVER During the past two days of...

GOLD Earlier this morning, Gold dropped to $1,705 per ounce with very heavy volume based on negative comments coming from Senator Harry Reid on the progress of settling the Fiscal Cliff crisis before year end. After the sharp correction in the Gold price we saw sizeable demand come into the market and it rallied back to $1,720 per ounce. At...

GOLD  At 11am PDT today, Gold is trading at $1,744.60 per ounce, down $4.90 per ounce on average volume of trading. Gold is trading in a narrow $10 price range showing excellent consolidation. Eurozone Strikes Greek Aid Deal This morning, Eurozone leadership and international lenders reached a deal to overhaul Greece’s faltering bailout program and released a €34.4bn aid payment...

GOLD  Friday’s $23 rally in the Gold price broke through the $1,740 per ounce resistance level. Now, I would expect to see some consolidation in the $1,740 to $1,750 level early this week, before we resume this bullish breakout. The next resistance level for Gold is $1,800 per ounce, which we could easily hit next month. At 11am PDT today...

GOLD  Gold rallied this morning in spite of a stronger U.S. Dollar after European finance ministers failed to agree on a debt-reduction package for Greece. They are meeting again on Monday to work out details on a Greek bailout. At 11am PDT Today, Gold is up $3.70, trading at $1,729.50 per ounce on light weekend type volume. Data on the...