Daily Market Report

GOLD Today Gold has traded in a very tight range while waiting on tomorrow’s news from the FOMC meeting. The concern is that if the Federal Reserve tapers its monthly bond buying by more than $10 or $15 billion it would be negative for Gold. At 11am PDT today, Gold is trading at $1,311 per ounce, down $7 per ounce...

GOLD The surprise announcement that Larry Summers was withdrawing from possibly being selected as the next Federal Reserve chairman rallied Gold in early morning Asian trading. Mr. Summers, an academic economist, is considered to be a Keynesian and therefore negative on Gold. At 11am PDT, Gold is up $9 per ounce, trading at $1,318 per ounce on heavy volume. SILVER...

GOLD Gold got hammered again today, dropping to as low as $1,305 per ounce on heavy volume. The very important $1,300 per ounce support level will probably be tested by Monday morning, and I expect it to hold. The only news that could be affecting this decline is the possibility of Larry Summers being selected as the new Federal Reserve...

GOLD This morning in Asia Gold broke down below the $1,360 support level and technical traders came in to short the market, driving Gold down to $1,326 per ounce before seeing heavy demand. Other than a report that India’s Gold imports for August were lower than expected, there was no significant negative Gold news. At 11am PDT today, Gold is...

GOLD Gold traded today in a very tight price range, trading between $1,356 and $1,368 per ounce. $1,360 per ounce has shown to be an excellent support price. Based on recent trading activity I believe Gold is about to make a big move higher very soon. At 11am PDT today, Gold is trading unchanged at $1,365 per ounce. SILVER Silver...

GOLD Gold fell $23 per ounce today after the Russian proposal to put Syria’s chemical weapons under United Nation’s control gained international acceptance. This news has calmed the worries about a potential U.S. led strike against Syria, especially after Syria accepted the proposal. Gold traded as low as $1,358 per ounce this morning before sizeable demand appeared taking the market...

GOLD Gold traded in a narrow $10 price range over the weekend and during Monday’s trading. Gold is showing excellent consolidation in the current $1,360 to $1,420 per range. Demand for physical Gold continues to grow with reports that the COMEX Gold inventories dropped under 700,000 ounces, for the first time ever. At 11am PDT today, Gold is trading at...

GOLD Gold rallied sharply today after reaching a low of $1,359 per ounce. The value of Gold moved higher after the U.S. Commerce department announced that only 169,000 jobs were added in August, well below original estimates. At 11am PDT today, Gold was up $14 per ounce, trading at $1,386 per ounce on average Friday trading volume. SILVER Silver mirrored...

GOLD Today, a stronger-than-expected U.S. economic report showed an ISM non-manufacturing reading for August at 58.6 versus 56.0 in July which caused the value of the U.S. Dollar to move sharply higher against many of the world’s other currencies and resulted in Gold being driven lower. This morning Gold reached a low of $1,365 per ounce before bargain buying appeared...

GOLD Recently, the direction of Gold has been determined by the statements coming out of Washington DC in regards to the potential Syrian missile attack. Yesterday, when it looked that there would be congressional support for a limited attack, Gold rallied. The statements this morning were not that supportive of the proposed legislation to attack Syria and Gold dropped to...