Daily Market Report

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...

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...