Daily Market Report

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...

GOLD After Gold hit a low of $1,137 per ounce yesterday, the bargain buyers came in and the trading volume doubled. This morning Gold is trying to consolidate in the $1,145 per ounce area on above average trading volume. At 11am PST today, Gold is trading at $1,144.60 per ounce, down $2.20 per ounce. SILVER Silver is finding lots of...

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...