Daily Market Report

GOLD Gold continues to react negatively to the rally in the U.S. Dollar, and Tuesday’s Federal Reserve policy statement and moderately positive views of the U.S. economy. The Fed’s statement buried any hopes of more monetary easing (QE) in the short term and took away one of the main pillars of support for gold and silver. Remember, this decline in...

GOLD A war is going on in the World’s commodity pits between the gold bulls and bears.  The $1,700 per ounce is the key number. On a rally is the U.S. Dollar and any strong positive news the bears drive gold under $1,700, and on negative news i.e. The Iranian crisis or commodity inflation the bulls take it above $1,700...

GOLD We are seeing gold trading market in a narrow $14 price range today.  I believe, after the past two weeks of high volatility, a base is building around $1,700 per ounce. This would be healthy for Gold’s long term price appreciation. Today, at 11am PST, Gold is trading at $1,701.50, down $8.90 per ounce on normal volume. SILVER Silver...

GOLD With the Greek Debt issue in our rear view mirror, we now can continue our Gold rally.  The procedure by which the European Central Bank (ECB) and the IMF settled this issue is now the prototype for Italy, Spain, and Portugal as their debt problems go crucial. More important, we have gold trading above the physiological support/resistance $1,700 per...

GOLD Gold is in that critical stage right now; on Monday, $1,700 was a key support level and when it broke, Gold dropped quickly to $1,665 (2%) before stabilizing. Now, with gold rallying back up, $1,700 is an important key resistance level to rally above and close, within the next few trading days.  This morning gold hit $1,703, and was...

GOLD Today we saw a rebound in the Gold market. At 11am PST, Gold is up $10.20 per ounce, trading at $1,684.20 per ounce on normal volume. Gold looks oversold after breaking through the $1,700 resistance levels, and the $1,672 200-Day moving technical support average yesterday.  Physical demand for gold coins and bars is relatively stable in India at present...

GOLD Well the bears won last night’s gold battle, taking gold down to as low as $1,661 per ounce before the buyers got aggressive. The world’s financial markets reaction to Greece threatening to default on any of its bondholders did the trick. Many Greek bondholders are publicly saying they do not plan to take part in this week’s €206bn debt...

GOLD Today is a key day in the latest Gold market bull/bear war.  The bears need to drive gold down to close under the $1,700 per ounce support level today.  While the bulls, supported by Asian buying, would like the $1,700 level to hold.  This morning gold hit $1,694.40 on light trading, then volume picked up and gold rallied above...

GOLD Gold trading today has been very lackluster with a narrow price range.  Gold’s high/low range in Asia, Europe and the U.S. trading has been $1718/$1703.  Gold is finding excellent demand at the $1,700 resistance level. The Chinese love a bargain and sales of physical gold were very strong. At 11am PST, Gold is trading at $1,710.70, down $8.80 per...

                                                (Who bought the 34 Million Ounces of Gold?) GOLD Yesterday was an extraordinary day for Gold traders.  First of all, the volume for the CME’s most active gold contract, which is now April 2012, was 344,994 one hundred ounce contracts (34,499,400 oz was traded) a record high. Gold prices dropped $77 per ounce yesterday based on slightly negative news...