Daily Market Report

GOLD Gold continues to move above and below the $1,200 per ounce resistance level. Today’s trading was on heavy volume as many professional traders moved out of the December CME Gold contracts and into the February Gold contracts. Gold traded in a $12 high/low range, continuing to build a base for its breakout move above $1,200. At 11am PST today...

GOLD For the past week Gold has been building a base in the $1,200 price area. This morning Gold rallied above the $1,200 price, reaching $1,204.60 before seeing sellers. With the U.S. Dollar trading higher versus the Euro and Yen, it isn’t surprising to see Gold trade in a narrow range. At 11am PST today, Gold is trading at $1,198...

GOLD Gold moved back above the important $1,200 per ounce resistance level again today, reaching $1,207.80 per ounce. This is especially significant considering today’s bullish move in the Gold price was done in the face of a very strong U.S. Dollar: $1.22USD to the Euro; 82 Japanese Yen to $1USD. Gold analysts are now focusing their attention on the timing...

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...