Daily Market Report

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...

GOLD Gold rallied early this morning in Asia as the Bank of Japan, under political pressure, followed the lead of the US Federal Reserve and the European Central Bank as it pledged to buy a potentially unlimited amount of government bonds. At 11am PDT today, Gold is up $4.00 per ounce, trading at $1,695.10 per ounce on increasing volume of...

GOLD Gold moved higher today on signs U.S. lawmakers were making progress towards an agreement on raising the country’s borrowing limit to avoid a debt default. At 11am PDT today, Gold is up $5.40, trading at $1,691.10 per ounce on excellent volume. A LITTLE PROGRESS COMING FROM CONGRESS Late Friday, some House Republican leaders said they would seek to pass...

GOLD Today the Gold price is reacting to China’s gross domestic product of 7.8% for last year, the lowest since 1999. In the fourth quarter, growth was 7.9% year-on-year, breaking a streak of seven consecutive weaker quarters. At 11am PDT, Gold is trading at $1,686.50 down $1.60 on normal Friday volume trading. SILVER A move above $32 per ounce for...

GOLD Gold rallied this morning on news of lower U.S. jobless claims, a jump in housing starts and disappointing data on manufacturing activity in the Philadelphia region. At 11am PDT Today Gold is trading at $1,692 per ounce, up $9 per ounce on excellent volume. SILVER Silver reached $31.90 per ounce early this morning before seeing some short term profit...

GOLD Today, Gold is holding above the important $1,680 per ounce price level after last nights Fed statement. Two Federal Reserve officials stated they felt that the U.S. Central Bank’s accommodative policies are appropriate and may even need to be eased further to stimulate the U.S. economy. At 11am PDT today, Gold is trading at $1,683 per ounce, up $0.50...

GOLD The price of Gold was helped late yesterday by Chairman Ben Bernanke’s speech at the Gerald R. Ford School of Public Policy at the University of Michigan wherein he reiterated that the U.S. economy still was not yet out of the woods. This means more quantitative easing is coming to stimulate the U.S. economy. Gold rallied today on a...

GOLD Gold moved higher on Monday after a stronger euro and physical buying from China, while expectations of aggressive monetary easing in Japan also lent support. Gold’s recent trading range has been between $1,650 and $1,680 per ounce. Today, as of 11am PDT, Gold is trading up $1.668 per ounce, up $8 per ounce on excellent volume. China National Gold...