Daily Market Report

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...

GOLD We continue to see price resistance in Gold at the 100-day moving average of $1,672.50. While strong demand materializes as gold slips into the low $1,600’s, it really picks up before ever hitting the psychological resistance level of $1,600. Diplomats and commodity traders are saying that Syria is trying to sell gold reserves to raise revenue, as Western and...

GOLD Gold continues to reinforce its base building today, trading in a narrow $13 high/low range. At 11am PDT today, gold is trading at $1,639.67 per ounce, down $11.43 on normal volume Market analysts see the unexpected lowering of interest rates in India, caused by economic concerns, to be very bullish for Gold demand and prices. Analysts project an 8...

GOLD Interesting article in Monday’s Wall Street Journal about gold, it was mostly negative, but there were a few bullish comments “Bullion bulls still see potential gains as the world works through its problems, including Europe’s debt woes and the Fed’s bloated balance sheet. Central banks also have become big net buyers of gold, with the official sector absorbing 455...