Daily Market Report

GOLD There continues to be a tug-of-war in the Gold pits around the $1,400 per ounce support/resistance level. Today we saw Gold sell off from $1,415 per ounce down to $1,389 per ounce before seeing sizeable demand. At 11am PDT today, Gold is down $15 per ounce, trading at $1,398 per ounce on average volume. The morning’s negative news that...

GOLD Gold rallied back above the $1,400 per ounce level this morning based on negative economic news in both the U.S. and Europe. This is the fourth time in the past two weeks Gold has rallied above $1,400 per ounce; we need it to stay for Gold to become short term bullish. The combination of today’s poor economic news and...

GOLD Gold rallied to $1,422 per ounce last night before seeing some profit taking, driving the price down to $1,390 per ounce. Because today is Friday, and the 31st of the month, I believe some of the selling has to do with month end positioning and clearing. The volume of trading during the selloff wasn’t that heavy, which is normal...

GOLD Continued heavy demand for Gold’s physical investment products (coins, bars and jewelry) combined with a U.S. Dollar that has been weak versus the Euro and Yen since Monday, finally drove Gold over $1,400 per ounce, and the professionals took it from there. Gold broke above $1,400 in Asia early this morning and the technicians and chartists ran to cover...

GOLD Tug of war on the world’s Gold trading exchanges. The price trading range for Gold seems to be tightening. Recently we have had excellent support at the $1,350 per ounce level and resistance at $1,400 per ounce, now it appears that there is excellent support at $1,380 per ounce, with short term profit taking at the $1,395 level. This...

GOLD Strong economic news indicators caused Gold to open lower on fears these indicators will result in a change in Federal Reserve stimulus policies. The increase in consumer confidence and record increases in the home price index caused the U.S. Stock Market to rally over 200 points, while driving Gold down to $1,373 per ounce on the opening. After Gold...

GOLD Gold calmed down on Friday in thin trading after yesterday’s $26 increase, as many of the world’s major stock markets stabilized, slowing Gold’s rally. Today, Gold traded in a tight $14 price range from $1,384 to $1,398 per ounce. Gold (the safe haven investment) was rallied by a drop in stocks late this week, which Thursday in Europe had...

GOLD Gold rallied today based on the U.S. Dollar falling against the Japanese Yen. Adding to the demand for Gold was the plunge in the Tokyo Stock Market. The volatility in the Gold market continues, as the trading range was over $40 per ounce, with Gold reaching $1,356 per ounce before rallying. Today in the global bullion markets we saw...

GOLD The Gold price took a roller-coaster ride today, first jumping to $1,413.30 per ounce when Bernanke told the Joint Economic Committee of Congress that an end to the current quantitative easing (QE) program could mean a “substantial risk of slowing or ending the economic recovery and causing inflation to fall further.” He said the labor market has improved but...

GOLD Yesterday Moody’s Investor Service reported in a news wire around noon ET that U.S. policymakers must do something about the government debt to avoid a U.S. debt rating downgrade this year. This was one of the contributing factors to yesterday’s Gold rally to $1,385 per ounce, after hitting a low of $1,336 per ounce in Asia earlier. Yesterday we...