Daily Market Report

GOLD Military unrest in a key oil export port in Iraq helped drive Gold higher this morning. Gold rallied in Asian markets, reaching $1,264 per ounce, before selling appeared. After the Iraq news broke, trading volume on the CME exchange almost doubled Monday’s volume on short covering and fresh buying. At 11am PDT today, Gold is up $6, trading at...

GOLD Gold stayed above the key $1,250 per ounce level the entire trading day in a very narrow $6 high/low price range. I did notice some professional trader short covering this morning. Over the weekend, China announced that its May trade surplus had increased 94% since last month, but imports had declined. At 11am PDT today, gold is trading at...

GOLD This morning, the U.S. Department of Labor stated that May unemployment held steady at 6.3% by adding 217,000 jobs. On this news of improvement in the U.S. economy, Gold declined, reaching a low of $1,246 per ounce. I have just posted on our website an informative article from Bengt Saelensminde of Money Week called “There’s something fishy going on...

GOLD During this morning’s European Central Bank meeting, the bankers made the decision to cut the rate on bank deposits to a negative .01% to incentivize banks to lend to commercial businesses. This resulted in pushing up the value of the Euro versus the U.S. Dollar, while driving the price of Gold over $1,250 per ounce. At 11am PDT today...

GOLD Gold continues to trade in a narrow price range looking for a direction. There is resistance at $1,250 and strength at the $1,240 support level. With a lot of U.S. economic news due out later this week, I would expect to see a move in Gold. At 11am PDT, Gold is unchanged, trading at $1,245 on average volume.  ...

GOLD After six straight days of decline, Gold is finding strong demand in the $1,240 per ounce price level. During trading today, Gold has stayed in a tight $8 range, from $1,248 to $1,240 per ounce. At 11am PDT today, Gold is trading at $1,245, up $2 per ounce.   SILVER In early trading, Silver was able to reach $18.96...

GOLD Today is the sixth day in a row that Gold has declined in price. The low for today was $1,241 per ounce, while the range has only been $10 from high to low. I would like to see the volume pick up and the price move above $1,250 this week before getting bullish. At 11am PDT today, Gold is...

GOLD Earlier this morning in Asia, Gold broke below the important $1,250 per ounce support level and technical traders shorted the market, driving Gold down to a low of $1,243 per ounce. Today is the last trading day of the month, making it an extra important day for the markets, from at least a technical standpoint. At 11am PDT today...

GOLD Gold opened trading in Asia and quickly move lower, reaching $1,251 per ounce. Part of the recent decline in the Gold price was loss of the Ukraine premium, when Russian President Putin showed willingness to work with Ukraine’s leadership on settling the issues that caused the recent deadly clashes. At 11am PDT today, Gold is trading at $1,256, down...

GOLD Trading volume has picked up in the Gold pits as the price moved lower this morning. Yesterday, when Gold declined $26.20 per ounce, the volume was over 250,000 CME June hundred ounce contracts (the highest volume this year). Today, Gold is finding support around the $1,255 per ounce area. As the June month contracts come due the volume of...