Daily Market Report

GOLDAll energy and precious metal markets initially declined on today’s FOMC announcement. Gold broke down below $1,625 per ounce before seeing heavy demand. At 11am PDT, Gold is trading at $1,634.60 per ounce, down $7.80 per ounce.Over the past several years, Fed monetary policy has been a major stimulus for gold prices. Given the mixed macroeconomic signals over the past...

GOLDGold’s rally today was a result of positive news from the IMF and continues to trade in the $1,622 to $1,670 per range. $1,670 has shown to be a strong resistance level because it’s the 100 day moving average. At 11am PDT, Gold is up $10.20 per ounce, trading at $1,642.40 per ounce on normal volume. The two-day Federal Open...

GOLDGold declined today based on news of a stronger dollar versus the Euro, while global equity markets were down sharply. Although selling down to $1,622 per ounce early this morning, gold bounced back above $1,630 per ounce for most of the day. Considering the massive rally in the U.S. Dollar and the sizeable drops in the world’s stock and energy...

GOLD Gold has traded in volatile fashion in a tight band over the past two weeks, unnerving speculators who have mostly preferred not to hold onto their positions. But short-selling has alternated rapidly with waves of safe-haven demand while macroeconomic conditions remain worrying. At 11am PDT, gold is trading up $1.60 per ounce at $1,642.10 per ounce on normal weekend...

GOLD We continue to see price resistance in Gold at the 100-day moving average of $1,672.50. While strong demand materializes as gold slips into the low $1,600’s, it really picks up before ever hitting the psychological resistance level of $1,600. Diplomats and commodity traders are saying that Syria is trying to sell gold reserves to raise revenue, as Western and...

GOLD Gold continues to reinforce its base building today, trading in a narrow $13 high/low range. At 11am PDT today, gold is trading at $1,639.67 per ounce, down $11.43 on normal volume Market analysts see the unexpected lowering of interest rates in India, caused by economic concerns, to be very bullish for Gold demand and prices. Analysts project an 8...

GOLD Interesting article in Monday’s Wall Street Journal about gold, it was mostly negative, but there were a few bullish comments “Bullion bulls still see potential gains as the world works through its problems, including Europe’s debt woes and the Fed’s bloated balance sheet. Central banks also have become big net buyers of gold, with the official sector absorbing 455...

GOLD At 11am PDT, Gold is trading at $1,651.70 per ounce, down $8.50 on average trading. Gold is showing support at $1,645.00 to $1,655.00. Though it did quickly drop below and rise above that range, it quickly returned back to this intraday trading range. Looking at today’s calm trading volatility shows us how gold is in the process of building...

GOLD At 11am PDT, Gold is trading at $1,657.80 per ounce, down $19.40 on light trading. Gold has support at $1,650.00 to $1,655.00, while it broke through the 100-day moving average at $1,676.50 yesterday. Gold’s 200-day moving average of $1,696.75 will provide stiff resistance and pave the way to breaking through $1,700 per ounce. Chinese Economic growth in the first...

GOLD The Floor brokers at the CME (short term professional gold traders) have become bullish on gold, once the price passed the Key resistance level at the 100 day moving average at $1,675.  At 11am PDT Gold is up $18.20 per ounce, trading at $1,677.20 per ounce on heavy volume. In February, mainland China bought 39,668 kilograms (39.668 metric tons...