Daily Market Report

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...

GOLD The U.S. Dollar has gained 7% approximately in value against the Japanese Yen and the European Euro in the past couple months. This is important to Americans, because we look at the value of Gold in U.S. Dollars. At current Gold prices, 7% is equal to $85 per ounce. This is one of the primary reasons the Gold price...

GOLD Gold continues to reach new lows during trading. This morning Gold hit a low of $1,208.40 before bargain buying appeared, driving the price back up to $1,214 very quickly. Gold is still in the bears control and we could see lower lows by month end. At 11am PDT today, Gold is trading at $1,217.40 per ounce, up $1.40 per...

GOLD The bears still have control of the Gold market, taking the price down to $1,213 per ounce earlier today. Trading volume is increasing daily and the combination of short sellers and bargain buyers is adding a lot of volatility to the price. At 11am PDT today, Gold is trading at $1,216 per ounce, down $10.50 per ounce on heavy...

GOLD After yesterday afternoon’s Federal Reserve statement on cutting back the quantitative easing, Gold quickly dropped $20 per ounce, reaching low of $1,216 (a 7-month low). Asian and European Gold demand was strong in overnight trading and the price moved up quickly to $1,226 just before the U.S. COMEX opened. At 11am PDT today, Gold is trading at $1,226.50 per...

GOLD Gold has traded in a very narrow $5 high/low trading range today, with $1,239 being the high and $1,234 per ounce being the low, on very light trading volume. There will be a breakout of this narrow range very soon and I give it a 70% chance that it will be lower. The breakout could come as soon as...

GOLD This morning Gold reached $1,242 but couldn’t find buyers to support the breakout, so it fell back below $1,238 per ounce. Gold’s inability to rally back quickly after hitting yesterday’s low of $1,225 concerns me. I believe we will test the low of $1,225 again very soon. The last two times the Gold price turned short term bullish and...

GOLD Gold is showing good consolidation at current price levels around the globe. After reaching a low this morning of $1,226 per ounce, Gold has shown excellent demand and price support today. At 11am PDT today, Gold is trading at $1,234 per ounce up $3 per ounce on good volume. SILVER Silver has stayed in a very tight $0.20 high/low...