Daily Market Report

GOLDIn overnight trading, Gold reached a low of $1,556 per ounce as a reaction to Chairman Bernanke’s not giving any hint of future monetary stimulus during his congressional testimony yesterday. After Gold reached $1,556 per ounce, sizeable buying came into the Asian precious metal market, taking the Gold price back above $1,580 per ounce. At 11am PDT, Gold is up...

GOLDThis morning in testimony to Congress, Federal Reserve Chairman Ben Bernanke gave no hints of any new monetary stimulus, and he said that the U.S. economy will grow moderately this year despite last week’s disappointing report on May job growth. Gold immediately sold off on his remarks, falling to $1,588 per ounce (below the important $1,600 support level). At 11am...

GOLDGold continues its upward breakout on Wednesday, rising in tandem with the euro and other risky assets. Awaiting a policy decision by the European Central Bank (ECB), investors watch for more action from policymakers to contain the euro zone debt crisis. At 11am PDT, Gold is trading at $1,633.40 per ounce, up $16.30 per ounce on excellent volume. GOLD’S BULL...

GOLDThe longer Gold holds above the $1,600 per ounce support level, the more I like it. Tomorrow is the first day London starts trading Gold (closed for a special holiday) since the big move on Friday. If we can stay above $1,600 by Wednesday, I think we have seen the lowest levels for the year and it’s up from here...

GOLDWith the New York Stock Exchange’s DJIA down over 330 points since last Friday and dramatic selloff in the world’s equity markets, we are starting to see a run to the only true safe haven investment, PHYSICAL GOLD. Gold has traded today from $1,608 per ounce on the low to $1,623 per ounce on the high, a very narrow trading...

GOLDWith the U.S. Stock Market (DJIA) down over 200 points and U.S. interest rates trading at historic lows, Gold has broken out above the $1,600 per ounce resistance level. Market Analysts are saying that today’s $60 increase in the price of Gold is due to the Labor Department’s disappointing report on May jobs, only adding 69,000 new jobs, while economists...

GOLDFresh negative U.S. economic news added to the ongoing Euro-zone problems keeping Gold in a narrow trading range today. Gold showed excellent support at $1,551 per ounce today, while having resistance at $1,574 per ounce. Today’s negative U.S. economic announcement is leading to a fresh call for more quantitative easing (QE) by many economists. At 11am PDT, Gold is trading...

GOLDThe Gold price is reluctant to go lower. With the U.S. Dollar rallying to under $1.24 to the Euro, and the 10 year U.S. Treasury notes hitting a record low of 1.64%, plus equities and energy markets dropping, Gold still refuses to go lower. Gold did test the $1,530 price level, for the fifth time since September 2011, earlier this...

GOLDDuring the long holiday weekend Gold traded up to $1,584.50 on fresh buying before this morning’s statement by Bankia Bank, Spain’s third largest bank, saying that troubled Spanish banks may need as much as 100 billion Euros to deal with the current debt crisis. After that statement the Euro dropped versus the U.S. Dollar and Gold fell $30 before rallying...

GOLDGold is ending the week in the $1,550 to $1,570 price range. As we go into this long holiday weekend most precious metal professionals and analysts are looking to Europe for direction. Euro-zone ministers need to stabilize the sovereign debt problem and stop the capital flight from the Euro. The latest idea is to establish a Euro Bond Redemption Fund...