Daily Market Report

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...

GOLD Gold is trading today between $1,305 and $1,325 per ounce on light volume, waiting for some direction out of Washington or Asia. The Chinese markets open up on Monday and volume and demand should be strong. At 11am PDT today, gold is trading at $1,309 per ounce, down $8 per ounce on average volume. IMF managing director Christine Lagarde...

GOLD Gold tested the $1,300 support level early this morning and held. Gold then quickly rallied back up to $1,320 per ounce on excellent volume. The current government shutdown and congressional problems continues to confirm the basic fundamental reasons for Gold ownership, and should the U.S. default on its debts in two weeks, we should see a sharp rally. At...

GOLD After yesterday’s $40 decline in the Gold price, the market bounced back this morning, reaching $1,323 per ounce. There was no significant news that caused this rally except that yesterday’s decline was not logical. At 11am PDT today, Gold is trading at $1,318 per ounce, up $31 per ounce on excellent volume. SILVER Silver rallied with Gold this morning...

GOLD Technical stops were triggered this morning on the U.S. Gold exchange and Gold broke down dramatically. At 8:00 AM EST, 4,543 lots (454,300 ounces) traded in the active December Gold contract and Gold dropped $9. Then, at exactly 8:30 AM EST, 8,174 (817,400 ounces) lots of Gold hit the exchange as stops went off. Gold fell from $1,310 all...

GOLD Today the Gold price has been as high as $1,344 and as low as $1,323 based on the news coming out of Washington about the possibility of a U.S. government shutdown tomorrow after the Republican-controlled House of Representatives, early on Sunday, passed a measure that ties government funding to a one-year delay of Obama’s landmark healthcare restructuring law. The...

GOLD Today, comments from a Federal Reserve official suggested an $85 billion bond-buying taper could be pushed out to next year causing Gold to rally $12 per ounce. Gold did reach $1,344 per ounce before seeing professional taking profits before the weekend. At 11am PDT today, Gold is trading at $1,337 per ounce up $12 per ounce on average volume...