Daily Market Report

GOLD Gold is trading in a very narrow price range awaiting a statement from the Federal Reserve policy makers meeting on U.S. monetary policy. There was some slight weakness in the Gold price this morning due to strength in the U.S. Dollar. At 11am PDT today, Gold is trading at $1,347 per ounce, down $7 per ounce on average volume...

GOLD Gold traded in a nice tight price range today, from $1,346.30 to $1,362.10 per ounce. $1,355 is an important level that many technical analysts are watching. A close above that level could be very bullish for the Gold chart and could drive the price to $1,400 per ounce on the short term. FOMC meeting is scheduled for Wednesday and...

GOLD Considering this is a Friday, normally a quiet day with a thin trading range, Gold is behaving very well. Gold was able to reach $1,356 per ounce, above the recent $1,350 short term resistance level. I believe, based on any bullish announcement from the Federal Reserve next week we could easily see a major break out. Physical demand for...

GOLD During trading in Asia last night, China, the world’s biggest Gold buyer, reported very positive manufacturing data. Based on that news the Gold market rallied, breaking above the $1,345 per ounce resistance level. Gold continued to rally, reaching $1,352 per ounce on the CME exchange. At 11am PDT today, Gold is up $14 per ounce, trading at $1,347 per...

GOLD Today, Gold is showing excellent consolidation in the current price range, actively trading between $1,329 and $1,342 per ounce. There was no significant bullish or bearish precious metal news today. At 11am PDT today, Gold is trading at $1,333 per ounce, down $7 per ounce on average volume. SILVER Today was an uneventful day in the Silver Market, with...

GOLD The U.S. government announced today that the economy gained only 148,000 jobs in September, well below the expected 180,000 jobs. The official unemployment rate now has fallen from 7.3% to 7.2%. This report continued to show little improvement in the labor market, and confirms that the Federal Reserve is not likely to reduce its current $85 billion monthly stimulus...

GOLD After last week’s $46 rally, Gold is building an excellent trading range in the $1,310 to $1,325 per ounce level. This trading action shows excellent consolidation for Gold, while staying above the key $1,300 per ounce support level. At 11am PDT today Gold is trading at $1,316, down $7 from Friday’s close on average trading volume. SILVER Finally, Silver...

GOLD In active trading for Friday, Gold sold off slightly after yesterday’s $40 rally. It is very positive that Gold is staying well above the key $1,300 per ounce support level. At 11am PDT today, Gold is trading at $1,314 per ounce, down $9 in active trading. SILVER Silver again moved above the $22 resistance level, but couldn’t hold. Silver...

GOLD Gold rallied $40 per ounce today on heavy volume of buying as the dollar stumbled. As congress kicked the national debt can down the road, precious metals moved higher on the belief that this temporary deal to avoid a historic U.S. debt default will cause the Federal Reserve to delay any reduction in its monetary stimulus. A substantial increase...

GOLD Gold traded in a narrow $1,270 to $1,288 per ounce trading range today. Considering the political events in D.C. that were changing minute to minute, this was very surprising. At 11am PDT today, Gold is trading up $9 per ounce, at $1,283 per ounce on average volume. It would be short term bullish for Gold if it could rally...