Daily Market Report

GOLD Gold continues building its base, actively trading between $1,250 and $1,270 per ounce. Today’s COMEX Gold trading was relatively quiet around the $1,257 price level, awaiting direction from tomorrow’s official Jobs data. At 11am PDT today, Gold is unchanged, trading at $1,257 per ounce on average volume. SILVER Silver made another attempt to break above the $20 per ounce...

GOLD Based on the disappointing ADP employment numbers for January, Gold rallied this morning, reaching $1,273 per ounce at one point. Gold couldn’t hold above the $1,270 per ounce level and quickly retreated to $1,255 per ounce. The ADP employment numbers showed an increase of 175,000 jobs in January (down from 227,000 in December), the lowest increase in five months...

GOLD For most of the day, Gold has shown excellent support over the $1,250 per ounce price level. A bounce back in U.S. equities and a stronger U.S. Dollar have caused some commodity traders to take some short term profits in Gold. It would be very bullish if Gold could build a base above the important $1,250 support level for...

GOLD Today, the Institute for Supply Management (ISM) said its index of national factory activity fell from a recently revised 56.5 in December, to 51.3 last month, its lowest level since May 2013. This news, combined with disappointing January retail sales, has caused the U.S. stock market (DJIA) to immediately fall over 200 points, and Gold to rally $15 per...

GOLD Gold is trading in a narrow price range today from $1,238 to $1,255 on light volume. The month of January ended today with Gold showing over a 3% increase. Comparing Gold’s January performance to the world’s equity markets shows that investors are running from stocks and bonds, as they see Gold representing an excellent investment alternative. At 11am PDT...

GOLD Gold dropped $25 per ounce at the open of today’s trading after data showed robust household spending and rising exports helped the U.S. economy to grow 3.2 percent in the fourth quarter of 2013. The thinking is that a strong economy will result in the Federal Reserve continuing to cut its current $65 billion monthly bond buying program. At...

GOLD As we wait for today’s announcement from the Federal Reserve on their $75 billion monthly bond buying program, Gold rallied. There is sizeable support for Gold around the $1,250 per ounce level and this morning in Asia there was renewed interest which drove Gold up to test the $1,270 resistance level. At 11am PDT today, Gold is trading at...

GOLD Gold opened lower over concerns that the Federal Reserve may cut another $10 billion from its monthly bond-buying program, ahead of the start of the Fed’s two-day meeting. At 11am PDT today Gold is trading at $1,250.20 per ounce, down $11.30 per ounce on average volume. SILVER Silver continues to show price weakness, as it traded below $20 per...

GOLD Gold opened higher in Asia this morning, breaking above the $1,270 per ounce resistance level, based on news that the largest one-day withdrawal of physical COMEX Gold in over a year happened last week. The JPMorgan (JPM) warehouse withdrew a stunning 321,500 ounces of gold (10 tonnes). Additionally, we also saw a large withdrawal from the Scotia Mocatta warehouse...

GOLD Today, the U.S. stock markets continue to decline and Gold continues its move higher. Earlier this morning Gold was able to move above its $1,270 per ounce resistance level, reaching $1,272.80 per ounce. At that point we saw some light short term profit selling causing the price to drop back to $1,260 per ounce. At 11am PDT today, Gold...