Daily Market Report

GOLD With the markets down today and the US Dollar Index holding about par, I am impressed to see how Gold is behaving today. Not only is the volume of trading higher than normal, but during Asian trading hours Gold held above $1,205 an ounce, and continued to rise as the European and US markets opened. I’d like to see...

GOLD This morning Gold hit a low of $1,183 per ounce after the U.S. currency weakened, sellers disappeared, and bargain buyers became interested. The rally took the Gold price back above the important $1,200 per ounce level. Although I would like to think this could be the turn, it is too early to say it, particularly because the trading volume...

GOLD Today’s report of the U.S. Jobless rate dropping below 6% (a six-year low) caused the U.S. Dollar and stock market to surge. A strong U.S. Dollar is negative for Gold, and the price dropped to a low of $1,189 per ounce before bargain buyers and short covering came in. Gold’s support level is $1,179 per ounce (last June’s low...

GOLD The Gold price is the key to setting the direction for Silver, and right now it is not looking good. After four attempts to take the Gold value below $1,200 per ounce, today Gold is trading in the $1,208 to $1,222 per ounce range. The turn is coming soon, but I need to see more volatility and trading volume...

GOLD Today was the bears 4th attempt to bring Gold below $1,200, with Gold reaching a low of $1,204.70 before bargain buyers appeared. The market continues to be in the hands of the bears awaiting a high volume reversal. At 11am PDT today, Gold is trading at $1,214 per ounce, up $3.50 on average volume. SILVER Silver sold down to...

GOLD Like I have stated earlier, it was the last day of the month and the third quarter and Gold reaches the lowest price for the year. This morning Gold hit a new yearly low of $1,204 per ounce before finding bargain buyers. The real question is: Is this the turn that I have been waiting for? Well, I didn’t...

GOLD Gold has traded today in a narrow $8 range ($1,215 to $1,223 per ounce) on light volume. Traders refer to this type of trading as sideways trading, awaiting direction. With Gold reaching a high of $1,237 and a low of $1,206 per ounce, we are seeing it trade in the middle of the range. At 11am PDT today, Gold...

GOLD Gold tried to breakout this morning, reaching a high of $1,230 per ounce, before the sellers came in to drive the price below $1,220. Professional commodity traders point to the extraordinarily strong U.S. Dollar (which reached a four year high today) as the main cause. This week the bears have made two attempts to take the price below $1,200...

GOLD The bears took another run at the Gold price this morning. They drove the price down to $1,206 per ounce on news of a strong U.S. Dollar and continued weak economic news from Europe, Japan, and China. After reaching today’s low, bargain buyers appeared in the Gold market and quickly drove the price up $15 per ounce on excellent...

GOLD The U.S. Dollar hit a 4-year high today versus a basket of world currencies.  As the Dollar increases in value, it negatively affects the price of Gold.  Gold did rally yesterday, reaching $1,234 per ounce, before seeing serious selling which caused the price to immediately drop $10 per ounce.  Today, we saw Gold hit $1,215.60 before buyers appeared. At...