Daily Market Report

GOLDGold prices fell sharply Thursday as the U.S. dollar strengthened after the Federal Reserve dashed investors’ hopes of a big stimulus package. The Federal Reserve did announce the continuation of Operation Twist (selling short term bonds while purchasing longer term securities – in order to support the economy) through the end of 2012. Gold reached a low of $1,563 in...

GOLDToday’s Federal Reserve announcement of expanding Operation Twist by $267 billion through the end of 2012 continues the monetary stimulus that is very bullish for precious metals. Many analysts were expecting a QE3 announcement today therefore, the initial reaction on precious metals prices was lower. However, in the Federal Reserve’s statement that groundwork for a QE3 was established and should...

GOLDAfter seven up days in a row we finally saw a little profit taking today. Gold failed to hold above the $1,630 per ounce level and sold off. Buyers are waiting for Fed Chairman Bernanke’s testimony at 9:30am PST tomorrow, before adding to their Gold holdings. Any stimulus from the Federal Reserve is seen as unequivocally bullish for Gold prices...

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...