Daily Market Report

GOLD After claiming last week in London that he would do “whatever it takes” to preserve the Euro, ECB President Mario Draghi disappointed investors. In yesterday’s meeting he failed to outline specific ways of remedying the situation.  He broadly stated that governments should be ready to shore up liquidity, but didn’t mention how this would be accomplished. Should Gold stay...

GOLD At 11:15pm PDT on Wednesday August 1, 2012 the Federal Reserve FOMC announced they weren’t going to provide any new monetary stimulus at this time. The U.S. Dollar moved higher versus the Euro, and Gold dropped fast from $1,607 to $1,591 per ounce. Gold then quickly rallied back to above the $1,600 level on excellent volume.  Today, Gold dropped...

GOLD This morning, ADP Employer Services said that the US economy added 163,000 jobs in July, easily beating the forecast for a gain of 121,000 jobs. This strong economic report caused Gold traders to be less optimistic about today’s U.S. Federal Reserve Open Market Committee’s report on additional monetary stimulus. If the Fed decided to launch another round of quantitative...

GOLD Today, Gold has actively traded from $1,610 to $1,629 per ounce on normal volume. Gold once again attempted to breakout above the $1,625-$1,630 resistance level. Since June 1st, this price level has been reached thirteen times without decisively breaking through. The Gold price has a QE premium built into it, as we wait for news on this subject by...

GOLD Gold held steady around $1,620 per ounce today, as investors wait for the central banks on both sides of the Atlantic to give clearer cues on the potential for further monetary stimulus. Last Friday’s data showed U.S. economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal...

GOLD Today’s trading has been in a narrow $16 price range, from $1,614 to $1,630 per ounce. There was considerable short term professional selling when the price hit $1,630 earlier this morning. Based on resistance level, Gold should see selling between $1,625 and $1,630 per ounce, as that price is the high end of the recent trading range. But, like...

GOLD Gold rallied today on comments from Mario Draghi (President of European Central Bank) at an investor conference raised hopes that Europe’s central bank might intervene in markets to bring down the cripplingly high borrowing costs for financially strapped European countries like Spain and Italy. At 11am PDT, Gold is up $6, trading at $1,615 per ounce with above average...

GOLD Gold is rallying today and other than continued safe haven buying there was also a very bullish article in the Wall Street Journal. This article by Jon Hilsenrath reports that Fed officials are moving closer to taking new monetary stimulus actions if the labor market and economic growth don’t pick up soon. In Gold-specific news, physical buying has picked...

GOLD In light of a global selloff in equity markets and the strength of the U.S. Dollar, the Gold price continues to be very firm. The Eurozone debt crisis is causing chaos in the world’s financial markets. Gold again reached $1,568 per ounce earlier this morning before rallying back to the $1,575 price range. At 11am PDT, Gold is trading...

GOLD Gold declined this morning based on the continued Spanish and Italian Banking debt crisis that is driving down the Euro, equities, and precious metals around the globe. Earlier this morning Gold reached $1,562 per ounce, when massive demand caused the market to increase $10 per ounce. The price of Gold doesn’t want to go below $1,560 per ounce. At...