Daily Market Report

GOLDIf you think the market trading price for gold looks like a yo-yo, you would be right. The lack of any realistic direction or decision coming from the recent Euro-zone summit in Brussels has caused this problem. Gold is hovering around $1,560 an ounce today as analysts show concern about Greece and the Euro-zone continued to dominate market sentiment after...

GOLDThe value of Gold, world equities, oil and the Euro are down today based on the news coming out of Greece. 27 countries are meeting at the much-anticipated European summit in Brussels to discuss their debt crisis and what will happen with Greece. Overnight comments coming out of Greece about their possible exit from the Euro-zone have driven down the...

GOLDWhile the euro-zone nations try to figure out how they are going to handle the Greece and Spain problem the Gold market is trading in a very narrow price range. The low/high range on Gold for the past 24 hours has been $1,575 to $1,591 per ounce. A move back above the important $1,600 resistance level by month end would...

GOLDGold hit the key $1,600 per ounce resistances level this morning in Europe before we saw selling. The news out of last week’s G-8 meetings wasn’t surprising and no firm direction for short term gold prices resulted. At 11am PDT, Gold is up $2.40 per ounce, trading at $1,590.60 per ounce on high volume.  In the minutes of the Federal...

GOLDGold keeps moving upward! After hitting $1,526.70 per ounce (a five month low) on Wednesday with 253,181 contracts being traded on the CME the buyers and volume have returned. At 11am PDT, Gold is up $15.40, trading at $1,588.20 per ounce on excellent volume. After all the negative news this week it appears that Gold will end the week higher...

GOLDFinally, some bullish Gold news today, which has driven up the value (see below.) Yesterday, the market action clearly showed that the Gold market was oversold, with a volume of 253,181 CME June Gold contracts traded and reaching a low $1,526 per ounce, closing at $1,536, holding above the $1,535 key support level. Yesterday’s big question was, are we going...

GOLDConcerns about the ill-liquidity of Greek banks and the possibility of Greece leaving the Euro-Zone and going back to the Drachma is driving depositors to line up to withdraw their money in the form of Euro or U.S. Dollars. Many of the Greek banks are selling their Gold reserves to acquire needed U.S. Dollars and this is causing the price...

GOLDGold is showing excellent support at the $1,550 per ounce price level. Although we have seen heavy selling coming out of the European banks to raise their currency reserves, the buying from Asia at the current low prices has provided the incentive to make sizeable purchases. With the IMF’s Gold purchases (see below) the pressure to sell Gold from insolvent...

GOLDGold dropped $25 per ounce on the opening based on negative news from the Euro-zone and a very strong U.S. Dollar versus the Euro. After the initial price drop, Gold demand appeared and Gold rallied up $10 per ounce. Gold has been in a surprisingly narrow $12 trading range from $1554 to $1566 with active trading. At 11am PDT, Gold...

GOLDThe value of the U.S. Dollar versus the Euro is up for the 11th day in a row, based on the Spanish bank reforms and other Euro-zone sovereign debt problems.  A stronger U.S. Dollar means a lower Gold price as measured in the U.S. currency.  Earlier this morning, we saw Gold reach $1,572 per ounce (a four month low) based...