Daily Market Report

GOLD Based on strong economic news from China and Japan, Gold rallied overnight in Asia and continued to rally in London and on the CME. Traders, who were short Gold, covered their sales when spot Gold broke above the $1,250 resistance level. Gold’s heavy trading volume took it up $34, to $1,268 per ounce before some profit taking came in...

GOLD Gold opened $8 per ounce higher today as China posted its biggest trade surplus in almost five years on Sunday. Soaring exports ran ahead of modest import growth, potentially resurrecting a source of friction with the US. In November, China’s trade surplus rose to $33.8 billion from $31.1 billion the month before. Exports staged a rebound, rising 12.7% from...

GOLD We had exciting trade in the gold pit today. Gold was trading at $1,228 per ounce when the U.S. Labor Department announced that 203,000 jobs were added in November. This was higher than the 180,000 estimate and Gold immediately dropped $14 per ounce on concerns that the Fed would get its monthly stimulus. With Gold at $1,214 per ounce...

GOLD Gold sold off this morning on a report from the U.S. Commerce Department that the U.S. economy grew at a 3.6% annual rate in the third quarter, faster than first reported and its strongest performance in 1 1/2 years. Tomorrow’s November Employment Report could be a major catalyst for the short term direction of precious metals. The consensus is...

GOLD Recently, the value of Gold has been dramatically affected by economic news and reports. Negative news has pushed the Gold price higher, while positive U.S. economic reports have caused Gold to drop. WHY? The feeling of many professional traders is that it is all about the future direction of the Federal Reserve in regards to its monthly $85 billion...

GOLD This morning the Asian precious metal markets gave support to Gold at $1,215 and Gold quickly jumped back above $1,220 per ounce. During most of today’s Gold trading, it stayed between $1,218 and $1,226 per ounce on active trading. At 11am PDT today, Gold is down $2 per ounce, trading at $1,222 on average volume. SILVER Silver continues to...

GOLD Gold futures dropped more than $20 an ounce today as monthly data in our manufacturing sector came in better than expected, supporting the prospects for a pullback in the Federal Reserve’s monthly $85 billion bond-buying program. At 11am PDT today, Gold is trading at $1,224 per ounce, down $26 from the Friday close on heavy volume. SILVER Silver dropped...

GOLD This morning Gold is trading in a very narrow pre-holiday price range on light volume. There has been no significant news released today that would affect precious metal prices. At 11am PDT today, Gold is trading at $1,239 per ounce, down $4 per ounce on light volume. SILVER Recently the Silver price has been weaker than Gold, trading down...

GOLD Gold reached $1,255 per ounce earlier this morning on short covering and fresh demand before selling off. Gold needs to stay above the important $1,250 per ounce price level to encourage professional traders to take new positions. At 11am PDT today, Gold is trading at $1,243 per ounce, unchanged from yesterday on excellent volume. SILVER As Gold broke above...

GOLD Based on Iran’s nuclear agreement announced over the weekend, Gold reached a low of $1,225.80 per ounce this morning. At that price we saw heavy demand and the Gold price quickly rallied back above $1,240 per ounce. The short term direction is still to the downside, and it’s highly possible Gold could reach major long term support of $1,200...