Daily Market Report

GOLDSunday’s Greek election results reduced Gold bullion’s safe-haven appeal. Gold’s initial reaction was to fall 1% in value, even as the euro hit a one-month high against the U.S. dollar, which would normally support Gold the price. However, after Gold reached $1,607 per ounce it came roaring back on heavy buying to virtually unchanged levels. I am very pleased with...

GOLDGold futures climbed Friday, poised to extend their gains to a sixth session in a row, as the prospect of fresh economic stimulus from the world’s central banks underpinned demand. Today, Gold has traded from a high/low of $1,635 to $1619 per ounce. At 11am PDT, Gold is up $7.20, trading at $1,626.40 per ounce better than average Friday volume.Investors...

GOLDOn Thursday Gold posted its fourth straight session of gains, on active volume, showing excellent demand at the $1,610 support area. The main factors for the past four trading sessions have been the weak U.S. data, leading to expectations of future monetary stimulus, and investors being nervous before a make-or-break Greek election.                The spot Gold price has increased more...

GOLDGold continues to show excellent strength above the $1,600 per ounce support level. Today, Gold has traded in a narrow $18 per range, from $1,609 on the low to $1,626 on the high. Right now at 11am PDT, Gold is up $6.60 from Tuesday’s close, trading at $1,618.60 per ounce on normal volume. The next major resistance level is $1,650...

GOLDGold moved back above the important $1,600 per ounce resistance level today on news that Federal Reserve Bank of Chicago President Charles Evans said he would support a variety of measures to generate faster job growth, underscoring his preference for more stimulus. “I’ve been in favor of pretty much any accommodative policy I’ve heard about,” Evans said in an interview...

GOLDAfter Spain announced its $125 billion bailout, Gold rallied $16 to $1,608 per ounce, then demand trailed off and Gold dropped back to $1,583 per ounce. The volume of trading has not been high, as we are in the summer. At 11am PDT, Gold is up $5.50 from last Friday’s close, trading at $1,597.50 per ounce.   SILVERWhen Gold rallied on...

GOLDIn overnight trading, Gold reached a low of $1,556 per ounce as a reaction to Chairman Bernanke’s not giving any hint of future monetary stimulus during his congressional testimony yesterday. After Gold reached $1,556 per ounce, sizeable buying came into the Asian precious metal market, taking the Gold price back above $1,580 per ounce. At 11am PDT, Gold is up...

GOLDThis morning in testimony to Congress, Federal Reserve Chairman Ben Bernanke gave no hints of any new monetary stimulus, and he said that the U.S. economy will grow moderately this year despite last week’s disappointing report on May job growth. Gold immediately sold off on his remarks, falling to $1,588 per ounce (below the important $1,600 support level). At 11am...

GOLDGold continues its upward breakout on Wednesday, rising in tandem with the euro and other risky assets. Awaiting a policy decision by the European Central Bank (ECB), investors watch for more action from policymakers to contain the euro zone debt crisis. At 11am PDT, Gold is trading at $1,633.40 per ounce, up $16.30 per ounce on excellent volume. GOLD’S BULL...

GOLDThe longer Gold holds above the $1,600 per ounce support level, the more I like it. Tomorrow is the first day London starts trading Gold (closed for a special holiday) since the big move on Friday. If we can stay above $1,600 by Wednesday, I think we have seen the lowest levels for the year and it’s up from here...