Daily Market Report

GOLD Gold appears to be developing another tight trading range on a normal volume. We are seeing short term support at $1,656 and long term support at $1,640 per ounce. While short term resistance is at $1,680, long term resistance is at $1,700 per ounce. This type of trading is very bullish for Gold as it consolidates trading and takes...

GOLD After last week’s $53 per ounce increase, Gold has been trading in a very narrow $9 per ounce low/high trading range today. Gold hit a low this morning of $1,666 in Asia before a rally back above $1,670 per ounce. At 11am Gold is trading at $1,673 per ounce, virtually unchanged from last Friday’s close. Like I said in...

GOLD The reason for the Gold price increase has been a strong feeling that the FOMC will provide some economic stimulus at its upcoming meeting. This statement from Charles Evans, President of the Chicago Federal Reserve Bank supports that feeling, “Without the need to see more data, I urge central banks around the world, including China and the US, to...

GOLD Gold rose for a seventh day in a row on Thursday just minutes after the U.S. Federal Reserve’s most recent policy meeting gave an unexpectedly clear signal that our central bank may launch a new round of fiscal easing measures to boost the economy.  Gold and Platinum prices continued to soar as investors were concerned with supply disruptions. The killing of...

GOLD Yesterday, Gold broke out of its five month trading range. Today, trading has confirmed the break out as it continues to increase. We could easily see Gold reach $1,700 per ounce by month end. At 11am PDT, Gold is up $7.00 per ounce, trading at $1,645 per ounce on heavy volume. SILVER Silver is continuing it move higher, hopefully...

GOLD There was some important overnight news that affected the Gold price today. First, China indicated that fresh economic stimulus could be on the way by the second half of the year. Second, the US Dollar sold off versus Euro on rumors that the European Central Bank would step up efforts to aid peripheral euro-zone economies.  Gold has attempted to...

GOLD The support price level for Gold is rising above $1,600. Last night Gold traded as low as $1,609 when we saw excellent demand enter the market. The Gold price quickly rallied to over $1,620 per ounce and has stayed in that price area. At 11am PDT, Gold is trading at $1,621 per ounce, up $4.80 on good volume.  ...

GOLD Gold has been range bound today in light weekend type trading. The low/high price range for Gold today has only been $11 per ounce for $1,610 to $1,621. At 11am PDT, Gold is trading virtually unchanged at $1,616.20 per ounce, down $0.60 from the same time on Thursday, on very light weekend type volume. Central Bank Gold Buying on...

GOLD Chinese Premier Wen Jiabao was quoted as saying that there is more room to adjust monetary policy and thereby improve the economic outlook in the region.  After the Chinese Premier’s statement was released Gold jumped $10 per ounce to $1,612 per ounce. At 11am PDT, Gold is up $14.20, trading at $1,616.80 on excellent volume. The World Gold Council...

GOLD Yesterday for the 15th time in the past couple months, Gold tested the $1,600 per ounce support level. After reaching $1,590 per ounce we saw heavy demand come into the Gold market and the price quickly rallied back above $1,600 per ounce, closing at $1,601.40. Today, the price of Gold reached $1,607 in the U.S. market, before seeing some...