Daily Market Report

GOLD Considering last week’s Gold price increase, many floor traders are already pricing in QE3 by last Friday close. This week’s bullish precious metals movement has been in a very narrow price range. Right now traders are taking a wait and see attitude, eagerly awaiting the FOMC rate decision and statement this Thursday before establishing new positions. Gold remains well...

GOLD Swiss investment bank UBS upped its Gold and Silver price forecasts Monday, citing increased expectations for an imminent balance sheet expansion from the U.S. Federal Reserve as a key factor. The bank upped its one-month forecast for Gold to $1,850 a troy ounce from $1,700/oz previously, and its three-month forecast to $1,850/oz from $1,750/oz. Similarly, the bank upped its...

GOLD With the European Central Bank (ECB) announcement of a bond-purchase quantitative easing (QE) program yesterday, added to the U.S. Federal Reserve Board statement saying that they are prepared to step in with more assistance, which most people believe is more QE, it appears that the negative news is still coming in the US. This morning the US jobs report...

GOLD Breaking through and staying above $1,700 per ounce is very bullish for Gold. This could be the last call for adding more Gold to your holdings at a reasonable price. Now we should pick up buying momentum with brief stops at $1,800 and $1,900 and we should see record highs within the next six months.  Today, European Central Bank...

GOLD After the long holiday weekend, the precious metals have returned from the official end of summer to strong bids pushing the market higher. Gold hit $1,701.60 yesterday for the December contract on excellent volume, before falling below $1,700 per ounce on its first attempt to break the psychological resistance level. It seems that it is only a matter of...

GOLD Gold hit a five month high on Friday after the Federal Reserve Chairman Ben Bernanke left the door open for a further round of quantitative easing in a highly-anticipated speech on Friday. As the London market was closing Gold started testing the $1,700 level again and is waiting to break out. We are very close to taking a run...

GOLD After Federal Reserve Chairman Ben Bernanke said Friday he’s open to enact more quantitative easing to help bring down U.S. unemployment, precious metals rallied sharply. Remember, the Fed has a dual mandate to keep inflation under control and stabilize employment, and indicators aren’t looking good. With a clear signal that our Federal Reserve is prepared to add additional monetary...

GOLD The price of Gold is in the middle of the recent $1,640 to $1,680 trading range. Tomorrow we will know what Federal Reserve Chairman Ben Bernanke will say in his Jackson Hole, Wyoming news conference. If he announces a new stimulus package (QE3), Gold should break out above the $1,680 per ounce level, perhaps breaking through the $1,700 resistance...

GOLD Gold appears to be treading water awaiting clear short term directions, which will come on Friday, when Federal Reserve Chairman Ben Bernanke gives his news conference from the annual Jackson Hole symposium in Wyoming. The precious metal markets anticipate that Bernanke may announce additional monetary stimulus. Today, Gold has had a $18 High/Low price range, of $1,652 on the...

GOLD Gold appears to be developing another tight trading range on a normal volume. We are seeing short term support at $1,656 and long term support at $1,640 per ounce. While short term resistance is at $1,680, long term resistance is at $1,700 per ounce. This type of trading is very bullish for Gold as it consolidates trading and takes...