Daily Market Report

GOLD After reaching a high of $1,345 per ounce this morning, Gold finally showed some short term profit taking by selling off $18 from yesterday’s close. I believe it would be healthy of Gold to stay in a $1,320 to $1,350 per ounce trading range for a couple weeks. It would allow Gold to consolidate its recent move higher and...

GOLD Gold continues to reach higher and higher today with a high of $1343 per ounce. I’m interested to see how it will test the $1350 level which should be soon. At 11am PDT today Gold is up $6.60 per ounce on strong volume. I just read an Interesting and thought provoking article from Michael Snyder called “China Starts to...

GOLD Gold rallied this morning as the Federal Reserve Bank of Chicago’s announced that the national index for January was at minus 0.39, compared with analysts’ median estimate of minus 0.2. A below zero reading indicates below-trend-growth in the national economy. At 11am PDT today, Gold is up $14 per ounce, trading at $1,337 per ounce on excellent volume. SILVER...

GOLD Gold is trading in a tight $9 per ounce price range today from $1,316 to $1,325 per ounce. I am seeing great and very healthy consolidation after the recent $70 sharp rally. At 11am PDT today, Gold is trading at $1,323 per ounce, up $6 per ounce on average Friday volume. Gold Continues to Move from West to East...

GOLD Gold is trading lower this morning after the release of the Federal Reserve minutes late yesterday, showing that officials couldn’t agree about the outlook for short-term interest rates. Gold tested support at $1,307 this morning before demand appeared. At 11am PDT today, Gold is down $3, trading at $1,317.00 per ounce on average volume. Gold Smuggling Doubled in India...

GOLD After nine consecutive trading days of moving higher (up $74) Gold is finally taking a breather. Price consolidation would be very healthy for Gold, allowing it to build new long positions above the key $1,300 per ounce support level. At 11am PDT today, Gold is trading at $1,320 per ounce, down $4 per ounce on excellent volume. SILVER Silver...

GOLD Gold continued its rally over the holiday weekend in Asia and Europe. Physical demand for Gold in 2013 was off the charts (see World Gold Council report) around the globe. At 11am PDT today, Gold is trading at $1.324 per ounce, up $7 from last Friday on excellent volume. World Gold Council releases 2013 Gold Demand Numbers The World...

GOLD Gold is trading higher today, extending gains for the eighth straight session. Gold broke above the key $1,300 per ounce resistance level for the first time in more than three months. A fall in monthly retail sales and a rise in weekly jobless claims helped fuel weakness in the U.S. dollar, luring traders to the perceived safety of Gold...

GOLD Today was Gold’s second attempt to break above the key long term resistance level of $1,300. It reached $1,302.60 for today’s high, trading actively between $1,295 and $1,302 on short term profit takings, but closing strong. At 11am PDT today, Gold is trading at $1,300.50 per ounce, up $10 per ounce on good volume. The issue of what China...

GOLD Over the past year, many of the professional commodity traders (PCT) have developed a strategy of shorting (selling) Gold on any rally, then covering the short sale (buying back) when it drops. This was a profitable strategy during 2013. Now, having talked to a number of these PCTs, I see they are beginning to re-think this strategy and have...