Daily Market Report

GOLD As news was reported from Congressional leaders on the status of the Fiscal Cliff issues, Gold first fell then rallied back on bargain hunting and short covering following the recent dips in prices. At 11am PDT today, Gold is trading at $1,662.50, up $3.10 on light volume. N.Y. Commodity Exchange (COMEX) Gold contract volume this week is less than...

GOLD Gold has been trading in the $1,651 to $1,668 per ounce trading range today on light volume. The market keeps looking for signs of some type of agreement from Congress or the U.S. President on the Fiscal Cliff issue. At 11am PDT today, Gold is trading at $1,659.40 per ounce, up $1.40 per ounce from last Monday on light...

GOLD Gold trading was very light with a narrow $14 high/low price range, which is normal for a pre-holiday session. Gold closed early today at $1,658 per ounce, up $1 per ounce on very light trading. CENTRAL BANKS CONTINUE TO BUY GOLD IN NOVEMBER For the third month in a row Brazil boosted its Gold reserves, adding 14.8 metric tons...

GOLD Last night Gold tested support at the $1,635 per ounce price level before sizeable buying appeared, driving the market back up to $1,660 per ounce. At 11am PDT today, Gold is up $12.20 per ounce on heavy volume, trading at $1,657 per ounce. The Asian and domestic precious metal commodity markets are over-reacting to the Fiscal Cliff negotiations and...

GOLD Today’s announcement of 3.1% growth in the U.S. GDP had a negative effect on the Gold price, as it dampened expectations that the Federal Reserve would expand future monetary stimulus.This news combined with the lack of any settlement between Republicans and the President on the Fiscal Cliff issue has driven down the price of Gold. At 11am PDT today...

GOLD Gold has been on the defensive most of the morning, re-testing yesterday’s low of $1,660 and holding right now. In Asia this morning, there was sizeable physical Gold bargain buying coming from India. At 11am PDT today, Gold is trading at $1,669 per ounce, virtually unchanged from yesterday’s price. Trading volume is considered high.  Gartman Blames China for Sell-off...

GOLD The Dollar rallied this morning to the highest level versus the Euro since May, and Gold broke down below its short term support of $1,686 per ounce. After Gold traded below $1,686 technical traders and chartists shorted Gold, which drove the price down to $1,660 per ounce before major buying came in. At 11am PDT today, Gold is trading...

GOLD Gold trading stayed in a tight price range between short term support and resistance all day. Professional commodity traders were buyers of Gold at $1,686 per ounce (short term support) while taking profits when Gold got near $1,700 per ounce (short term resistance). Today’s testing and quick rally of the $1,686 per ounce support was the fourth time in...

GOLD Gold traded in a very narrow $7 high/low price range today on normal low Friday volume. I need to see Gold move back above the key support $1,700 per ounce level on Monday to stay short term bullish. It was released today that European Gold demand for investment and jewelry products increased 15% in 2012 and is predicted to...

GOLD Gold sold off today, because with the exception of the Fed’s targeting unemployment as an indicator for QE3, the Federal Reserve’s announcement was anticipated by many of the professional traders. These commodity traders had purchased call ahead of the announcement and sold into the market which rallied after the Federal Reserve statement and news conference. Additionally, Gold reacted negatively...