Daily Market Report

GOLD After last night’s election results it is clear that the Republicans will take control of the House of Representatives, the Senate, and the direction of the U.S. economy. Many traders and economists believe that Republicans will be better for U.S. economic growth and for businesses. The U.S. Dollar moved sharply higher and hit a four-year high overnight. A stronger...

GOLD Gold is trading in a very narrow $11 high/low range, trying to establish a new support level above $1,160 per ounce. The real question is: Were the Friday and Monday lows of $1,161 the bottom? In order to turn professional traders from a negative to positive sentiment we need to see Gold rally back above the $1,200 per ounce...

GOLD This morning the Gold price reached Friday’s low of $1,161 in Asia before heavy buying appeared. Right now it looks like Gold is finding excellent support and global physical demand is skyrocketing. Many dealers are reporting being back ordered on popular Gold investment products. At 11am PDT today, Gold is trading at $1,168 per ounce, down $4 from Friday’s...

GOLD This morning Gold tested its major support level of $1,170 per ounce and reached a low today of $1,161.50 per ounce. At that point demand increased, and the trading volume hit a record high, driving the price up $12 per ounce from the low. If it looks like an intra-day reversal, and it smells like a reversal, it could...

GOLD Yesterday the Federal Reserve ended its monthly bond purchase program. In a statement after the two-day meeting, the central bank largely dismissed recent financial market volatility, weakening economic growth in Europe, and a weak inflation outlook, as unlikely to undercut its domestic unemployment and inflation goals. The Fed’s action was not a surprise, and both the stock market and...

GOLD Gold has been trading today between $1,221 and $1,230 with some slight activity in the New York morning hours bringing Gold to the lower end of the range. However, prices have been slowly returning back to today’s mid-ranges as we wait for the statement coming out of the Federal Reserve Open Market Committee meeting. The U.S. Mint has sold...

GOLD Gold started to rally in early morning trading, reaching a high of $1,235.90 before hitting major resistance. Tomorrow’s Federal Reserve Open Market Committee statement should provide short term direction for the Gold price. At 11am PDT today, Gold is trading at $1,229, down $0.70 on light volume. SILVER The Silver price was driven down to $17.05 per ounce this...

GOLD Gold has traded all day in a very narrow $5.10 high/low price range, from $1,227.20 to 1,232.30 per ounce. This week Gold and Silver traders are waiting for news from the Federal Reserve Open Market Committee meeting, which ends on Wednesday. Dubai has now firmly established itself as one of the world’s leading Gold retail destinations. In a recent...

GOLD Gold has traded today in an amazingly narrow $5.90 High/Low range, with a high of $1,234.60 and a low of $1,228.70 per ounce. The Gold market is apparently looking for short term direction. If it breaks down below the $1,200 level, it could easily hit $1,170 per ounce before finding major demand. On the other hand, if Gold can...

GOLD Gold couldn’t get back above the key $1,250 per ounce level today and technical traders stepped in and shorted the market. The strong Dollar and Stock Market added support to the decline. Gold sold off $20 per ounce before seeing demand increase. At 11am PDT today, Gold is trading at $1,229 per ounce, down $15.50 per ounce on average...