Daily Market Report

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...

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...