Daily Market Report

GOLD This morning I am seeing some price consolidation and bargain buying in the world’s Gold markets. There were no major, markets-moving developments on the geopolitical front over the weekend. Today, Gold tested the $1,300 per ounce support level by reaching $1,301.40 before rallying. Gold traded in a very narrow $8 High/Low range while building a strong base for the...

GOLD Gold trading volume is surprisingly high for a Friday, but with Gold moving back above the $1,300 resistance/support level it’s a good sign. Demand for Gold is primarily coming from the U.S. commodity markets. At 11am PDT today, Gold is trading at $1,302 per ounce, up $12 per ounce on excellent volume.   SILVER Silver moved higher today, following...

GOLD Someone sold a large quantity of 100 ounce future Gold contracts on the open of the U.S. commodity markets today. This increased today’s CME trading volume to roughly double yesterday’s volume. At 11am PDT today, Gold is trading at $1,290 per ounce, down $15 per ounce on heavy trading volume.   SILVER Silver followed Gold down this morning, reaching...

GOLD Gold continues to build a base in the $1,303 to $1,312 support level. A narrow price trading range is healthy for Gold while it consolidates above the support level. I read a great article yesterday on the real meaning of what China is going to do with the massive Gold holdings it has been accumulating. I have attached the...

GOLD This morning, Gold tested and held above its $1,300 per ounce support level, reaching $1,302 before sizeable purchasing hit the U.S. Gold markets on increased trading volume. After last week’s massive sell orders and $30 decline, Gold needs to consolidate above the $1,300 per ounce level, and that is what it is doing. At 11am PDT today, Gold is...

GOLD After last week’s high volatility in the Gold price, it is nice to see some stability come back into the Gold pits. Today, Gold had a $10 high/low price range on trading volume, less than any day last week. Gold traders are looking for some consolidation in the market between $1,300 and $1,330 per ounce. At 11am PDT today...

GOLD A combination of the Malaysian Aircraft being shot down over Ukraine and the Israeli forces moving into the Gaza Strip has heightened Geopolitical concerns, which drove up precious metal prices yesterday. Gold had successfully rallied back above the $1,300 resistance level on Thursday before the news was released, which drove up the Gold price another 1%. Today, at 11am...

GOLD Gold has rallied back above the important $1,300 per ounce resistance level today, trading between a high of $1,324.90 and a low of $1,300.90 per ounce. At 11am PDT today, Gold is up $16.60 per ounce, trading at $1,317.40 on normal volume.   SILVER Silver did finally move back above the $21 per ounce resistance level today, reaching a...

GOLD Gold has traded in a narrow $10 trading range today, between $1,293 and $1,303 per ounce. The bulls in the Gold market are fighting to keep the spot price above the key $1,300 price level. At 11am PDT today, Gold is up $2 per ounce, trading at $1,299 on normal volume.   SILVER Silver could not move back above...

GOLD Yesterday’s $30 decline in Gold was the largest one day loss this year. What does that mean? Despite the fact we are in the summer months, normally a quiet time, it means the volatility in the Gold market is picking up. After Gold’s $90 increase in six weeks, having a 1/3 correction is acceptable, especially if Gold can hold...