Daily Market Report

GOLD Today, Gold traded within its recent trading range of $1,310 to $1,330 per ounce. I really like the way Gold is consolidating in this price range after last week’s $42 rally. At 11am PDT today, Gold is trading at $1,319 per ounce, up $2 on average volume.   SILVER This morning, Silver moved above the $21 per ounce resistance...

GOLD Gold prices traded in a tight $9 per ounce high/low price range today, consolidating last week’s gains. There was some profit taking and technical chart purchases. At 11am PDT today, Gold is trading at $1,317 per ounce, up $2 per ounce on average volume. Overnight, China announced that its HSBC preliminary manufacturing purchasing managers index came in at 50.8...

GOLD Yesterday, Gold soared over $40 per ounce on the highest trading volume of this year. Over 238,000 hundred ounce contracts were traded on the CME - an extraordinary number considering that there were only 88,000, the average trading volume, traded on Wednesday. I can attribute 50,000 contracts to short covering by professional traders who quickly covered their short positions...

GOLD Gold rallied $40 per ounce today based on the following factors: Fed Chairwoman Janet Yellen’s statement late yesterday that U.S. interest rates will be unchanged until the middle of next year and then raise A weaker U.S. Dollar versus the Euro and Yen A major military escalation by the U.S. in the Iraq problem Heavy trader short covering on...

GOLD Gold is trading in a narrow $8 High/Low trading range today, awaiting any news from Federal Reserve Chairperson Janet Yellen during her press conference this afternoon. Most traders feel that the Fed will continue to taper its monthly quantitative easing program. At 11am PDT today, Gold is trading near the day’s highs at $1,273.20 per ounce, up $2.20 per...

GOLD Gold prices are slightly lower today, as we see some profit taking after hitting three-week highs yesterday. Gold did trade as low as $1,259 before rallying back above $1,270 per ounce. The civil war in Iraq remains the prime issue in precious metal markets. The situation there has worsened this week, so there is still concern among many commodity...

GOLD The civil war in Iraq continues to worsen, as military activity is spreading to other cities. The Oil price is increasing and the demand for Gold is growing. At 11am PDT, Gold is trading at $1,274 per ounce, down $1 per ounce on normal volume.   SILVER Silver hit a high today of $19.91 before seeing any selling. To...

GOLD The civil war in Iraq continues to drive Oil and Gold higher. At 11am PDT today, Gold is trading at $1,275 per ounce, up $2 per ounce on weekend type volume.   SILVER Silver moved higher today with Gold, reaching a high of $19.72 before seeing light selling. Hopefully, Silver will test the $20 per ounce resistance level on...

GOLD Both Oil and Gold rallied today based on civil war and military violence in Iraq, which has the possibility of slowing oil shipments from the Middle East. Today’s 1% rally continues to show that Gold is the ultimate safe-haven asset during times of geopolitical unrest, whether it is Iran, Ukraine, or Iraq. At 11am PDT today, Gold is trading...

GOLD The World Bank stated last night that they were cutting the annual world economic growth forecast to up 2.8% from its last forecast of up 3.2%, in January. This news is bullish for Gold as it is more likely that the world’s major central banks will keep their easy-money policies longer than originally anticipated. At 11am PDT today, Gold...