Daily Market Report

GOLD Today could be a short term reversal day for Gold and let me explain why. Early this morning, Gold dropped to $1,553 per ounce on Asian news (see below), then held in the $1,560 area for a short term on excellent demand. Then, in late trading the market volume increased and Gold rallied to close at $1,568 at the...

GOLD Yesterday, the World Gold Council (WGC) lowered its 2012 Chinese Gold demand estimate to 870 tonnes (a 10% increase of 2011 levels) from 1,000 tonnes, claiming that the firmer dollar and stagnating Gold rally have dented the metal’s attractiveness. Another negative for Gold has been the decrease of Indian Gold buying due mainly to a weak rupee, and a...

GOLD Gold broke above $1,600 earlier this morning and couldn’t hold it. After dropping back below the $1,600 per ounce level many of the short term traders shorted Gold, driving it down to $1,577 per ounce. At 11am PDT, Gold is at $1,581 per ounce, down $11 on above normal volume of trading. SILVER When Gold broke down below $1,600...

GOLD Gold is trading in a very narrow $12 high/low price range today, from $1,580 on the low to $1,592 on the high. Gold is finding support today from mild short-covering and robust buying from the Asian markets whenever the price eases towards $1,580. At 11am PDT, Gold is up $10.80, trading at $1,592 per ounce on average volume. Today, Standard...

GOLD The U.S. Labor Department said this morning that the U.S. employers only created 80,000 jobs in June. The U.S. unemployment rate was unchanged at 8.2%. U.S. employment numbers continue to disappoint the market, as stocks, energy and precious metals all dropped on the news. An additional negative factor is the strong U.S. Dollar, up 2% in just last week...

GOLD Gold tested the $1,600 per ounce support level this morning, reaching $1,596 per ounce before the price came roaring back on heavy demand. At 11am PDT, Gold is trading at $1,608.90 per ounce, down $12.30 per ounce from the Tuesday price. Trading volume is above average for a holiday week. The European Central Bank lowered interest rate to 0.75...

GOLD Gold received renewed buying interest due to a surprise downturn in US and Chinese manufacturing data released late yesterday and this has reignited hopes of further Federal Reserve, Asian and European monetary stimulus. At 11am PDT, Gold is up $20.20, trading at $1,621.20 per ounce on light holiday trading volume.  SILVER Finally, Silver has had a strong rally above...

The Euro zone leadership is now having its 20th European summit in less than three years. They haven’t yet taken any concrete steps to solve the sovereign nation and banking debt problem. Initially expectations for this summit were very low. It was expected that the financial ministers would make some vague statement about how this is a serious situation and...

GOLD Today, Gold trading has been on the defensive side of the market with the Supreme Court’s ruling, which for the most part supported the Affordable Care Act. This is seen as a major win for the Obama administration, and because of which the stock market, oil and precious metals all have dropped today. Right now Gold is showing resistance...