Daily Market Report

GOLD Earlier this morning, Gold dropped to $1,705 per ounce with very heavy volume based on negative comments coming from Senator Harry Reid on the progress of settling the Fiscal Cliff crisis before year end. After the sharp correction in the Gold price we saw sizeable demand come into the market and it rallied back to $1,720 per ounce. At...

GOLD  At 11am PDT today, Gold is trading at $1,744.60 per ounce, down $4.90 per ounce on average volume of trading. Gold is trading in a narrow $10 price range showing excellent consolidation. Eurozone Strikes Greek Aid Deal This morning, Eurozone leadership and international lenders reached a deal to overhaul Greece’s faltering bailout program and released a €34.4bn aid payment...

GOLD  Friday’s $23 rally in the Gold price broke through the $1,740 per ounce resistance level. Now, I would expect to see some consolidation in the $1,740 to $1,750 level early this week, before we resume this bullish breakout. The next resistance level for Gold is $1,800 per ounce, which we could easily hit next month. At 11am PDT today...

GOLD  Gold rallied this morning in spite of a stronger U.S. Dollar after European finance ministers failed to agree on a debt-reduction package for Greece. They are meeting again on Monday to work out details on a Greek bailout. At 11am PDT Today, Gold is up $3.70, trading at $1,729.50 per ounce on light weekend type volume. Data on the...

GOLD  Today’s Gold trading range has been very narrow, only $14 from high to low, on typically low volume for a holiday week. At 11am PDT, today Gold is trading at $1,725.80 per ounce, down $8.40 per ounce on light volume. Yesterday, Moody’s downgraded France’s bond rating from AAA to Aa1 which caused the Euro to briefly collapse before it...

GOLD  With all the Congressmen and women out on a Thanksgiving holiday break, there isn’t any negative talk about a Fiscal Cliff deal, so the markets have rallied today. Both the Senate and House of Representatives will be in session from Tuesday, November 27th to Friday, December 14th when they both scheduled to go on recess for the holidays. Any...

GOLD Today’s White House meeting between the President and Congressional leaders has been seen as constructive by the financial markets and stock, energy and precious metal markets rallied on the news. The possibility of avoiding a fiscal cliff with an agreement which would provide revenue increases, coupled with spending cuts, was accepted by both parties. When the news was reported...

GOLD Gold traded down to $1,704 earlier this morning as result of a strengthening U.S. Dollar versus the Euro. At that point, major demand came into the market and Gold quickly rallied up $10 per ounce. At 11am PDT Today, Gold is trading at $1,714.60 per ounce, down $16 per ounce on heavy volume of trading.   THE BIG MONEY...

GOLD Today’s Gold rally is in the face of a U.S. Dollar reaching a two-month high versus the Euro, British Pound and Swiss Franc, hitting $1.26 to the Euro. The short term resistance level for Gold is $1,735 per ounce, however we hit that level earlier today and quickly sold back to $1,725 per ounce. At 11am PDT today, Gold...

GOLD At 11am Today, Gold is trading at $1,726.40 per ounce, down $4.80 per ounce on average volume of contracts. Earlier this morning, Gold did reach $1,717.60 per ounce on light selling until we saw an increase in demand.  SILVER Silver today is trading in a narrow range $0.72 price range, from a low of $32.10 and a high of...