Daily Market Report

GOLD Gold has tested resistance at the $1,600 level in two of the past three trading sessions. However, with U.S. equities at all-time highs, Gold was unable to break through the psychological level. The yellow metal is now consolidating for another attempt, and is finding support as the U.S. Dollar weakens versus the Euro. At 11am PDT today, Gold is...

GOLD Gold dropped to as low as $1,575 per ounce early this morning after selling off when it reached the important $1,600 per ounce resistances level on Wednesday. Gold’s sell off this morning came after a positive news report that February U.S. retail sales are expanding at their fastest pace in five months. At 11am PDT today, Gold is trading...

GOLD Gold traded in a very tight price range on Wednesday, holding near a 1 1/2-week high hit in the previous session when Germany’s central bank expressed concerns about the euro zone crisis and the European Central Bank’s moves to stem it. Germany’s Bundesbank said the euro zone crisis, which has eased as a result of the ECB’s funding promises...

GOLD Gold moved above the $1,590 per ounce level on the opening this morning, following comments by an ECB official that Eurozone inflation pressures are abating, which is viewed as an indicator of continued monetary easing. Accommodative monetary policies favor Gold as low interest rates encourage investors to put money into precious metal assets. The Gold rally was supported by...

GOLD Gold has traded in a very narrow $8 per ounce price range this morning. The tug of war in the Gold pit continues (see my Weekly Market Report for 3/11 for more details) and Gold is building a strong base. At 11am PDT Today, Gold is trading at $1,579 per ounce, up $1.40 per ounce on average volume.  Physical...

GOLD Gold is surprisingly higher with trading in a narrow price range based on two bearish events. 1) A rally in the U.S. Dollar today, now trading under $1.29 versus the Euro.2) The U.S. government said today that the economy added 236,000 jobs in February – much stronger than the prior month. The unemployment rate fell to 7.7% from 7.9%. A...

GOLD Gold prices slipped on Thursday after the European Central Bank (ECB) gave no clear hints of further monetary easing. Since the ECB had been expected to cut inflation and growth forecasts, many market analysts felt that during the recent meeting the ECB would lower interest rates. At 11am PDT today, Gold is up $1 per ounce, at $1,576 per...

GOLD Gold is trading in the $1,566 to $1,584 per ounce range this morning in Asia, Europe, and the U.S. Many dealers in Asia reported an increasing demand for physical Gold/Silver bullion investment products, in contrast with exchange traded funds (ETFs) such as GLD, which continue to see selling. One precious metal analyst calls it a "tug of war" between physical...

GOLD Gold is staying in a very narrow $14 high/low trading range today. At 11am PDT today Gold is trading on light volume up $4 per ounce, at $1,576 per ounce. I just read an interesting article from the well-respected banking firm Morgan Stanley called “The Gold Bull Market Isn’t Over, and The Reasons To Own It Are ’Evolving”. Please...

GOLD Continued strength in the U.S. Dollar (breaking below 1.29 to the Euro) is causing the weakness in the Gold market. Trading today was very lackluster in a tight range, awaiting fresh news from European leaders. CME Gold trading volume is at the low end of the recent range. At 11am PDT today Gold is trading at $1,572, down $2...