Daily Market Report

GOLD Wow! A combination of Eurozone monetary problems in Greece and Spain, plus a higher-than-expected U.S. jobs report from the U.S. Labor Department has caused the U.S. Dollar to rally sharply versus the Euro and Gold has dropped almost $40 per ounce. The U.S. Labor Department reported today that payroll data showed employers added 171,000 jobs in October versus forecasts...

GOLD Over the past two weeks Gold has consolidated above $1,700 per ounce and that level could act as support in the future. As the Gold price moves higher, I expect to see some resistance at $1,735 per ounce, the 50 day moving average. Right now the precious metal markets are treading water awaiting the results of next week’s presidential...

GOLD After being closed the past four days, Gold rallied today on a weaker U.S. Dollar and positive economic news. The U.S. Third Quarter GDP grew by 2%, higher than the forecasted 1.8%. Higher growth means more inflation which helps the price of Gold. Today’s rally was very impressive, as Gold broke out above the $1,722 per ounce short term...

GOLD Gold has been trading sideways for the past four days in the $1,700 to $1,716 per ounce price range. We need to break above the $1,722 per ounce level to regain the short term bullish trend. At 11am PDT today, Gold is trading at $1,711.50, up $2.20 per ounce on very light electronic and secondary market activity with all...

GOLD Financial markets in New York are closed today due to Hurricane Sandy. One of the areas already evacuated is Battery Park, where the offices and the trading floor of the New York Mercantile Exchange (NyMex) are located. Gold trading is very light today, taking direction from overnight markets in Asia and Europe. At 11am PDT today, Gold is trading...

GOLD Gold has traded this morning in a narrow $18.50 price range from a low of $1,701.40 to a high of $1,719.90 per ounce. The very important support level of $1,700 per ounce has held well. At 11am PDT today, Gold is trading at  $1,713.00 per ounce, up $0.25 per ounce from yesterday on light volume. THE WORLD’S CENTRAL BANKS...

GOLD Yesterday, Gold traded down to the key $1,700 support level before a statement was released by the Federal Reserve’s FOMC. After a two-day meeting, they repeated the vow to keep rates near zero until mid-2015 and its pledge to keep supporting growth while the recovery strengthens. Remember, low interest rates are very supportive of a higher Gold price. At...

GOLD Gold trades in a tight $1,700 to $1,713 price range in this morning’s trading, while it waits for the Federal Reserve policy statement later this afternoon. At 11am PDT today Gold is trading at $1,701.10 per ounce, down $8.10 in a narrow range on heavy volume.  South Africa’s Gold Fields (the world’s fourth-largest bullion producer) fired 8,500 miners yesterday...

GOLD Gold opened down 1% as the dollar rallied against the euro and stock markets around the world fell on continued fear of a global slowdown. A credit downgrade of five Spanish regions and weak corporate earnings reports added to the downside. At 11am PDT today, Gold is trading at $1,709.20 per ounce, down $17.00 per ounce on heavy volume. ...

GOLD Early this morning I saw Gold trade down to a low of $1,713 per ounce after news that Japan’s exports tumbled 10% last quarter and Japan’s Foreign Minister Maehara is demanding the Bank of Japan provide more stimulus. At that point, Gold demand and volume increased and the Gold market moved higher, reaching $1,729 per ounce. At 11am PDT...