Daily Market Report

GOLD Gold traded in a very narrow $8 high/low price range today ($1,217 to $1,225). The bias continues to be negative, considering this week’s very bullish precious metal news from the IMF and Federal Reserve, Gold should be $50 higher. At 11am PDT today, Gold is trading at $1,221.70, down $2.30 per ounce on light volume. SILVER Silver had a...

GOLD At 2pm EDT yesterday, the Federal Reserve released the minutes of its Sept 16-17, 2014 Governors meeting. During the meeting there was a heated debate among the Fed Governors over the current policy of cutting back or eliminating financial stimulus and hiking interest rates. The minutes also show concern about the rising dollar, slowing inflation, and economic turmoil in...

GOLD Yesterday the International Monetary Fund (IMF) released a report stating that the weak European countries’ economies will put downward pressure on global growth. This bearish forecast drove down the world’s equity markets, with the U.S. Dow Jones dropping 272 points. The forecast also affected the U.S. Dollar, driving down its value. This bearish economic announcement should have been VERY...

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...