Daily Market Report

GOLDThis morning, the U.S. Labor Department stated that our economy added just 115,000 jobs in April, below a forecast of 173,000 making the jobless rate 8.1%. Gold rallied $20 after the announcement because this added to the reasons why the Federal Reserve should consider QE3 to keep our economy from another recession. At 11am PDT, Gold is trading at $1,644.50...

GOLDGold was under pressure on Thursday after disappointing data from both sides of the Atlantic fueled concerns about global growth, while investors awaited a rate decision by the European Central Bank tomorrow for more input on trading direction. At 11am PDT, Gold is down $19.20 per ounce, trading at $1,634.40 per ounce on an average volume.               April Gallup poll...

GOLDGold has been weaker today based on a stronger U.S. Dollar. Gold traded between $1,645 and $1,661 per ounce for most of the day.  At 11am PDT, Gold is down $9.10 per ounce holding at $1,653.60 per ounce. The Commerce Department reported today that orders for goods produced in U.S. factories dropped 1.5% in March, the biggest decline in three...

GOLDGold was range-bound from $1,656 to $1,672 today as commodity trading in a number of Asian precious metal markets, including China, Hong Kong, India, Malaysia, Philippines, Singapore, South Korea, Thailand, Taiwan and Vietnam, are closed for the May Day holiday. At 11am PDT, Gold was trading at $1,662.50, down $2.90 on light volume.                                                                                    Can 2 ½ Million Chinese be...

GOLDGold has rallied today based on a slower U.S. GDP growth for the first quarter and another sovereign government increasing its monetary stimulus. The Bank of Japan announced it will expand stimulus and will purchase 10 trillion yen ($125 billion U.S. Dollars) of government bonds. This means the total Japanese stimulus package is now 40 trillion yen ($500 billion U.S...

GOLDYesterday, after the FOMC policy statement and Federal Reserve Chairman Ben Bernanke’s economic forecast speech, the behavior of gold market trading was very impressive.  The gold price is showing sizeable support in the $1,620’s and should resist any attempt of a $1,600 per ounce selloff. On Wednesday, the bears aggressively sold off gold after no mention of any future quantitative...

GOLDAll energy and precious metal markets initially declined on today’s FOMC announcement. Gold broke down below $1,625 per ounce before seeing heavy demand. At 11am PDT, Gold is trading at $1,634.60 per ounce, down $7.80 per ounce.Over the past several years, Fed monetary policy has been a major stimulus for gold prices. Given the mixed macroeconomic signals over the past...

GOLDGold’s rally today was a result of positive news from the IMF and continues to trade in the $1,622 to $1,670 per range. $1,670 has shown to be a strong resistance level because it’s the 100 day moving average. At 11am PDT, Gold is up $10.20 per ounce, trading at $1,642.40 per ounce on normal volume. The two-day Federal Open...

GOLDGold declined today based on news of a stronger dollar versus the Euro, while global equity markets were down sharply. Although selling down to $1,622 per ounce early this morning, gold bounced back above $1,630 per ounce for most of the day. Considering the massive rally in the U.S. Dollar and the sizeable drops in the world’s stock and energy...

GOLD Gold has traded in volatile fashion in a tight band over the past two weeks, unnerving speculators who have mostly preferred not to hold onto their positions. But short-selling has alternated rapidly with waves of safe-haven demand while macroeconomic conditions remain worrying. At 11am PDT, gold is trading up $1.60 per ounce at $1,642.10 per ounce on normal weekend...