Daily Market Report

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...

GOLD Early this morning Gold tested the important $1,250 per ounce support level and held. After Gold’s support was tested it quickly rallied back to $1,270 per ounce on heavy volume. All eyes are focusing on the Congressional problems to raise the debt ceiling and reopen the government. At 11am PDT today, Gold is down $4 per ounce, trading at...

GOLD Aided by Asian demand this morning, the Gold market rallied $10 this morning. The focus continues to be on what Congress will do regarding raising the debt ceiling and avoiding the default on our debt. The president has a meeting with congressional leaders in about one hour to deal with the government shutdown and the debt ceiling issue. At...

GOLD Gold traded down to $1,263 this morning based on a large contract sale on the CME Group commodity exchange. Some person or organization sold 5,000 hundred-ounce contracts (500,000 ounces) which drove the Gold price down $25 immediately. This sale caused the exchange to halt trading for 10 seconds until the order was completed. At this point in time I...

GOLD Gold continues its bull/bear battle to stay above the important $1,300 per ounce support level. With a possible short term agreement on raising the debt ceiling and ending the government shutdown the equity markets have rallied sharply, but Gold continues to stay in a narrow trading range. At 11am PDT today, Gold is trading at $1,298 per ounce, down...

GOLD A combination of lower world economic growth projections by the IMF and a sizeable increase in crude oil inventories, driving down the oil and gasoline prices (very deflationary), caused Gold to open lower this morning, reaching $1,294, below the important $1,300 per ounce support level. $1,300 per ounce for Gold has shown to be a key support level, if...

GOLD The lack of official economic data due to the government shutdown is resulting in a lower equity market, but has caused precious metals to stay in a tight trading range. Tomorrow the volatility could pick up with the release of the September FOMC meeting minutes in which tapering will be discussed. Domestic demand for physical Gold is picking up...

GOLD The Chinese are back so the precious metal markets and Gold are up today. Gold is trading in the middle of the recent price range on normal volume. At 11am PDT today, Gold is up $14 per ounce, trading at $1,323 per ounce on average volume. SILVER Silver has broken out above the $22 per ounce resistance level. If...