Daily Market Report

GOLD Gold is in that critical stage right now; on Monday, $1,700 was a key support level and when it broke, Gold dropped quickly to $1,665 (2%) before stabilizing. Now, with gold rallying back up, $1,700 is an important key resistance level to rally above and close, within the next few trading days.  This morning gold hit $1,703, and was...

GOLD Today we saw a rebound in the Gold market. At 11am PST, Gold is up $10.20 per ounce, trading at $1,684.20 per ounce on normal volume. Gold looks oversold after breaking through the $1,700 resistance levels, and the $1,672 200-Day moving technical support average yesterday.  Physical demand for gold coins and bars is relatively stable in India at present...

GOLD Well the bears won last night’s gold battle, taking gold down to as low as $1,661 per ounce before the buyers got aggressive. The world’s financial markets reaction to Greece threatening to default on any of its bondholders did the trick. Many Greek bondholders are publicly saying they do not plan to take part in this week’s €206bn debt...

GOLD Today is a key day in the latest Gold market bull/bear war.  The bears need to drive gold down to close under the $1,700 per ounce support level today.  While the bulls, supported by Asian buying, would like the $1,700 level to hold.  This morning gold hit $1,694.40 on light trading, then volume picked up and gold rallied above...

GOLD Gold trading today has been very lackluster with a narrow price range.  Gold’s high/low range in Asia, Europe and the U.S. trading has been $1718/$1703.  Gold is finding excellent demand at the $1,700 resistance level. The Chinese love a bargain and sales of physical gold were very strong. At 11am PST, Gold is trading at $1,710.70, down $8.80 per...

                                                (Who bought the 34 Million Ounces of Gold?) GOLD Yesterday was an extraordinary day for Gold traders.  First of all, the volume for the CME’s most active gold contract, which is now April 2012, was 344,994 one hundred ounce contracts (34,499,400 oz was traded) a record high. Gold prices dropped $77 per ounce yesterday based on slightly negative news...

GOLD What a difference an hour makes in the price of gold.  One minute it was riding high, fringing on hitting $1790 and within about an hour it had fallen around 4% to below the $1720s.  What caused the sharp and very quick decline was Fed Chairman Ben Bernanke testimony to Congress. The tone of Mr. Bernanke’s statement gave the...

GOLD Yesterday I cleaned my crystal ball and sent out my time to go All-In on your gold and silver investment notice in the Weekly Market Report email.  As many of our clients know, timing is the most important factor in making investments decisions and if you responded to my call to action yesterday, congratulations.  But, it’s still not too...

GOLD We are seeing excellent consolidation in the gold market today.  Today’s entire trading range for gold has been $13, from a low of $1,767 to a high of $1,780.  I think a couple days of base building will give the market what is needed to move towards the next resistance level of $1,800.  At 11am PST, Gold is down...

GOLD Today, Gold saw a little consolidation after a $60 up move this week. At 11am PST, Gold is trading at $1,776.20 per ounce, down $6.70 for the day with light weekend type volume. China’s domestic gold jewelry consumption increased to 456.66 metric tons in 2011, a growth of 27.9% over 2010. According to China Gold Council, domestic investment-oriented gold...