Daily Market Report

GOLD This morning Gold fell along with other commodities as the dollar rose on a weak batch of U.S. data and as the psychological impact of potential selling of the precious metal from Cyprus continued to take its toll.  Rumors that Cyprus’s gold will be sold directly into the open market, rather than being used as collateral for the IMF...

GOLD After yesterday’s correction, Gold moved higher and has stayed in a relatively tight $15 trading range today. Gold hit major support around $1,553 per ounce earlier this morning before seeing major short covering and fresh buying interest. Gold is showing excellent strength in the face of another 13 ton drop in the Gold ETF (GLD) SPDR’s holdings, down to...

GOLD A combination of Fed minutes showing a possible early break in U.S. monetary stimulus, a cut in the Gold price forecast by Goldman Sachs, and the sale of $520 million in Gold (10 tonnes) by Cyprus, have driven Gold lower today, reaching $1,556 per ounce at one point. At 11am PDT today, Gold is trading at $1,560 per ounce...

GOLD It’s about time investors begin to realize that Gold demand is greater than the supply and at the current price level it is undervalued. This morning a Gold rally started in New York right after the open, and continued gaining strength as the trading day progressed. A weaker U.S. Dollar against the Euro was also a helpful factor. At...

GOLD After last week’s volatility in the Gold market, it appears that the Gold price is consolidating in a tight trading range today. Gold has traded today with a low of $1,566 to a high of $1,582 on a normal volume of trading. At 11am PDT today, Gold is trading at $1,574, down $3 per ounce on average volume. Central...

GOLD Weaker than expected U.S. non-farm employment numbers, combined with a sell-off of the U.S. Dollar versus the Euro, helped Gold rally today. This morning I noticed that a good number of commodity floor traders were covering their short sales ahead of the weekend. Many of the CME commodity professionals shorted Gold on Tuesday when it didn’t hold the $1,580...

GOLD Gold is finding excellent price support with strong demand at its current level, in the face of a very strong U.S. Dollar. Gold did reach $1,540.10 per ounce (9,550 Chinese Yuan) early this morning when sizeable buying appeared, taking the market back above $1,550 per ounce. At 11am PDT today, Gold was at $1,554 per ounce, unchanged and on...

GOLD Gold has been on the defensive most of the day, reaching a major support level low of $1,550 per ounce earlier today. Yesterday and today’s $48 correction in the Gold price was mainly caused by the report from SPDR Gold Shares (GLD) --- the most popular paper Gold ETF ---of an eight metric tonnes drop in their Gold holdings...

GOLD Gold dropped to a low of $1,573 this morning as strength in the US Dollar ($1.27 to the Euro) increased from reports of weak manufacturing data and increasing unemployment in the Eurozone. Gold’s weakness was also caused by an increase in US equities following upbeat sales data for car makers and global investors escaping from weak European countries. At...

GOLD The Gold price continues to stay in a very tight trading range, as many European financial markets are closed for the Easter Monday Holiday. Today’s high/low has ranged from $1,601 per ounce, to a low of $1,594 per ounce. At 11am PDT today, Gold is trading up $3.50 per ounce, at $1,600.50 per ounce on light volume. Gold’s consolidation...