Daily Market Report

GOLD Gold rallied yesterday and the world’s equity markets declined as European political risk heats up again. As Spain’s Prime Minister Mariano Rajoy was accused of accepting and distributing illegal payments to party members. Rajoy is considered to be a front-runner in the upcoming elections, but now there is an increased amount of uncertainty. Meanwhile, former Italian Prime Minister Silvio...

GOLD Gold opened higher in Asia this morning as the price traded in a tight high/low range of only $14 per ounce. Trading volume should drop later this week as China approaches a week-long Lunar New Year holiday starting this Saturday. Gold has short term resistances at $1,680, and long term resistances at $1,700 per ounce, I believe both of...

GOLD U.S. Department of Labor reported today that in January the labor force increased by 157,000 workers, weaker than in December, when 196,000 jobs were added. The unemployment rate stayed at 7.9% in January. A disappointing jobs report helped drive Gold higher in early trading, reaching $1,680 per ounce. At 11am PDT Today, Gold is up $9.00 per ounce, trading...

GOLD A stronger-than-expected reading coming from the Chicago Purchasing Managers Index in January (55.6 versus 50.0 in December) helped to push Gold prices lower. This price decline was very disappointing after the positive reaction to yesterday’s Federal Reserve statement.At 11am PDT Today, Gold is trading at $1,662 per ounce, down $17 per ounce on average volume. SILVER Silver followed Gold’s...

GOLD The US Commerce Department reported today that the US economy (GDP) unexpectedly reversed course in the final quarter of 2012, dropping 0.1 % in the fourth quarter of 2012, its worst performance since the financial crisis in 2009. Today’s GDP data assures that the Federal Reserve will continue its current economic stimulus programs and Gold rallied. At 11am PDT...

GOLD Substantial physical Gold demand from bargain buyers in Asia rallied the market early this morning. As we approach the Chinese New Year we should see increasing physical demand in Asia. An additional bullish factor for Gold is that the China Securities Regulatory Commission (CSRC) issued a provisional proposal for Gold ETFs on January 25th.  Gold investors are waiting to...

GOLD Today Gold traded in a narrow sideways $10 high/low price range awaiting indications of Wednesdays Federal Reserve announcements. At 11am PDT, Gold was trading at $1,655 per ounce down $3 per ounce on average volume of trading. SILVER Silver followed Gold’s price direction most of the day, reaching a low of $30.70 per ounce at one point. At 11am...

GOLD Early this morning Gold sold off in Asia breaking below the important $1,661 per ounce support level on positive economic news (see below). In very active trading Gold traded as low as $1,656 per ounce before finding bargain buyers. At 11am PDT today, Gold is down $9.00 per ounce, trading at $1,658 per ounce. Positive Economic News Manufacturing in...

GOLD Gold initially declined this morning after Morgan Stanley lowered its price prediction of Gold to an average of $1,773 per ounce for 2013. At one point today Gold’s most active CME contract reached $1,664 per ounce, just above the 200 day moving average and a Fibonacci retracement level of $1,661. This is a very important support level, with $1,700...

GOLD Gold is having a difficult time breaking through the $1,700 per ounce resistance level; however the price reaction to every attempt has been smaller and smaller.  Based on the large amount of support, I believe we will see a breakthrough of the $1,700 level within the next week. At 11am PDT Today, Gold is down $8.40 per ounce, trading...