Daily Market Report

GOLD With the Jewish Holiday (Rosh Hashanah) and the recent run on Gold last week, we are seeing a slight profit-taking-day today on lower than normal volume. I would expect to see more action later this week, but even with the profit taking, Gold is holding strong above the $1,760 level. At 11am PST Gold is trading at $1,762.40, down...

GOLD Gold is making a major bull move, and the next minor resistance level is $1,790 (the 2012 high), with major psychological resistance at $1,800. We should have excellent support at $1,735. Due to the Federal Reserve’s concern over the jobs market and unemployment, and banks lack of eagerness to lend money (banks are sitting on $1.6 trillion in reserves...

GOLD The Gold market surged higher in the immediate aftermath of the FOMC announcement that the Federal Reserve has embarked upon more quantitative easing of U.S. monetary policy--nicknamed QE3. It looks that we have now passed the $1,760 price barrier on strong trading. Next stop $1,800! The price of bullion has risen more than 4 percent so far this month...

GOLD Since last Friday’s $35 increase, breaking through the important $1,700 resistance level and closing the week at $1,738, Gold has been consolidating its gain. The first two days of this week and today, Gold has shown amazing support at above $1,725 per ounce. The fact that Gold did not decline and test the $1,700 level is very impressive. At...

GOLD Considering last week’s Gold price increase, many floor traders are already pricing in QE3 by last Friday close. This week’s bullish precious metals movement has been in a very narrow price range. Right now traders are taking a wait and see attitude, eagerly awaiting the FOMC rate decision and statement this Thursday before establishing new positions. Gold remains well...

GOLD Swiss investment bank UBS upped its Gold and Silver price forecasts Monday, citing increased expectations for an imminent balance sheet expansion from the U.S. Federal Reserve as a key factor. The bank upped its one-month forecast for Gold to $1,850 a troy ounce from $1,700/oz previously, and its three-month forecast to $1,850/oz from $1,750/oz. Similarly, the bank upped its...

GOLD With the European Central Bank (ECB) announcement of a bond-purchase quantitative easing (QE) program yesterday, added to the U.S. Federal Reserve Board statement saying that they are prepared to step in with more assistance, which most people believe is more QE, it appears that the negative news is still coming in the US. This morning the US jobs report...

GOLD Breaking through and staying above $1,700 per ounce is very bullish for Gold. This could be the last call for adding more Gold to your holdings at a reasonable price. Now we should pick up buying momentum with brief stops at $1,800 and $1,900 and we should see record highs within the next six months.  Today, European Central Bank...

GOLD After the long holiday weekend, the precious metals have returned from the official end of summer to strong bids pushing the market higher. Gold hit $1,701.60 yesterday for the December contract on excellent volume, before falling below $1,700 per ounce on its first attempt to break the psychological resistance level. It seems that it is only a matter of...

GOLD Gold hit a five month high on Friday after the Federal Reserve Chairman Ben Bernanke left the door open for a further round of quantitative easing in a highly-anticipated speech on Friday. As the London market was closing Gold started testing the $1,700 level again and is waiting to break out. We are very close to taking a run...