Daily Market Report

GOLD Gold moved above the $1,200 per ounce, its major long term resistance level, on Tuesday and Wednesday of this week and was beaten back both times. This morning Gold hit at low of $1,176 (mostly because of short selling) before sizeable fresh buying appeared, driving the price back up to $1,196. It appears there is enough demand in the...

GOLD This morning in Asian trading Gold made its second attempt to break above the key $1,200 per ounce resistance level, reaching $1,202.50 per ounce. After hitting today’s high, short sellers appeared when the U.S. Dollar strengthened versus the Yen, driving Gold down to $1,175 per ounce. Gold quickly rallied back to $1,197 on heavy demand and short covering. At...

GOLD Today Gold made its first attempt to break above the key $1,200 per ounce long term resistance level, reaching $1,205 at one point. The price declined due to short selling and profit taking, hitting $1,190 per ounce, where it found good support. A weak U.S. Dollar versus the Euro is helping the Gold price. At 11am PST today, Gold...

GOLD Today, after reaching a high of $1,194 in early Asian trading, Gold tested support at $1,180 per ounce and held. For most of today’s U.S. and European trading, Gold has been looking very bullish as it consolidates above $1,180, in a narrow $8 high/low price range. At 11am PST today, Gold is trading at $1,186 per ounce, down $2...

GOLD Fridays must be bullish for Gold. Last Friday Gold was up $27 per ounce on high volume and today we are seeing a similar rally. Today’s Gold rally comes in the face of a strong U.S. Dollar, particularly against the Japanese Yen. At one point this morning Gold hit a high of $1,194 per ounce, well above the $1,180...

GOLD Gold reached a low of $1,154 per ounce in early Asian trading. For the most part today Gold has stayed just above and below the $1,160 per ounce level, on average trading volume. This trading looks to be healthy consolidation, but I need to see Gold rally above $1,180 per ounce to be more optimistic. At 11am PST today...

GOLD In late Gold trading yesterday, a large physical order hit the market from China, driving the spot price up to $1,172 per ounce. This morning there was a bull/bear battle on the exchanges driving the price down to $1,157 based on the continued strength of the U.S. Dollar against the Japanese Yen. At 11am PST today, Gold is down...

GOLD After Friday’s $27 rally and yesterday’s $13 decline, today (maybe because it’s a holiday) Gold appears to be having a consolidation day. Earlier this morning Gold hit a $1,146 low, but quickly rallied back to $1,166 before seeing some resistances. I hope we will see Gold consolidate between the $1,150 to $1,180 range in the coming week, bring in...

GOLD After last Friday’s $27 rally, Gold showed some short term profit taking today. At one point in morning trading Gold reached $1,177.60, just short the of the $1,180 resistance level. Today’s CME December Gold is trading above $1,160 with about half of Friday’s volume At 11am PST today, Gold is down $13, trading at $1,158 per ounce on average...

GOLD I REALLY LIKE THE WAY GOLD TRADED TODAY After reaching a 4 year record low of $1,130 per ounce in early Asian trading, Gold found serious buyers and the price quickly rallied $30. The rally kept on going, reaching a high of $1,171 per ounce on the CME with heavy trading volume, especially for a Friday. If the price...