Daily Market Report

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...

GOLDWith the New York Stock Exchange’s DJIA down over 330 points since last Friday and dramatic selloff in the world’s equity markets, we are starting to see a run to the only true safe haven investment, PHYSICAL GOLD. Gold has traded today from $1,608 per ounce on the low to $1,623 per ounce on the high, a very narrow trading...

GOLDWith the U.S. Stock Market (DJIA) down over 200 points and U.S. interest rates trading at historic lows, Gold has broken out above the $1,600 per ounce resistance level. Market Analysts are saying that today’s $60 increase in the price of Gold is due to the Labor Department’s disappointing report on May jobs, only adding 69,000 new jobs, while economists...

GOLDFresh negative U.S. economic news added to the ongoing Euro-zone problems keeping Gold in a narrow trading range today. Gold showed excellent support at $1,551 per ounce today, while having resistance at $1,574 per ounce. Today’s negative U.S. economic announcement is leading to a fresh call for more quantitative easing (QE) by many economists. At 11am PDT, Gold is trading...