Daily Market Report

GOLD Up, Up, and away! Gold is up another $12 today on active buying in Asia and Europe. The next resistance level is $1,800 per ounce. At 11am PST, gold is at $1,783.90 per ounce. It looks like yesterday’s 1 million ounce purchase may have come from a Middle East buyer or financial institution.   SILVER Finally, Silver has shown...

GOLD Just as Gold was consolidating yesterday’s $30 gain in the $1,758 range around 10am PST, we saw a $10 move higher on a 10,000 contract (1 million ounces) purchase. Gold now has clearly broken above the $1,760 per ounce resistance level, and is on the way to $1,800 per ounce.  Overnight trading volumes in Asia and Europe have been...

GOLD Gold is off and running again based on the world news released over the long weekend. Both the developments in China and Greece (Shown below) are highly bullish for gold and will be the catalyst for the gold break-out above the $1,760 resistance level I have been looking for. At 11am PST, Gold is up $28.20 from Friday’s close...

GOLD The trading range on Gold has been very narrow in the past few weeks, which is expected has it builds a firm base for the next leg up.  In the past 24 hours gold’s low/high has been $1,716/$1,736 on normal volume as the world’s financial markets await positive news from the Eurozone.  At 11am PST, Gold is down $2.30...

GOLD Gold continues to tread water waiting on developing news in the European Union’s decision on the debt crisis. The base gold is building above $1,700 will pay big dividends as we start the move to the $1,800 and above resistances levels. Gold tested that important $1,700 support level for the third time early this morning, held at $1,704 and...

GOLD The uncertainty of the Greek Debt Crisis is still a detriment on the global financial markets. This Deal on, Deal off mindset is driving many professional traders crazy. Gold continues to behave as the only real safe haven investment. Gold is up today showing its true strength, surprisingly in the face of a stronger U.S. Dollar versus the Euro...

GOLD A massive downgrade of European Sovereign Debt combined with a sizeable increase in QE in Japan caused a rally in the U.S. Dollar versus the Euro and Yen (see more information below). Initially this Dollar rally caused a selloff in Gold, driving the price down to $1,712, but the inherent strength of the metal caused fresh buying.  At 11am...

Financial and Precious Metal markets are the focus this week regarding the ongoing European debt crisis as Greek officials struggled with the aftermath of Sunday’s approved but hugely controversial new austerity laws.  These measures were required by the Troika in order for the debt laden country to receive the next tranche of €130 billion bailout funds from the European Union...

GOLD Last night the leaders of Greece’s governing coalition pushed back against German demands for deeper budget cuts to get the bailout needed to prevent a financial collapse. The Greek parliament must, by Sunday, ratify the 130B bailout package agreed by Greece and the "troika" of the European Commission, the European Central Bank and the IMF. After this news was...

GOLD Today, Greek political leaders clinched a long-stalled deal on reforms and austerity measures to secure a second international bailout from the IMF and EU to avoid a chaotic default, hours before the country’s financial backers began meeting in Brussels.  The European Central Bank maintaining interest rates the current, unchanged rate and the Bank of England expanding its asset-purchase program...