Daily Market Report

GOLD At 11am PDT, Gold is trading at $1,651.70 per ounce, down $8.50 on average trading. Gold is showing support at $1,645.00 to $1,655.00. Though it did quickly drop below and rise above that range, it quickly returned back to this intraday trading range. Looking at today’s calm trading volatility shows us how gold is in the process of building...

GOLD At 11am PDT, Gold is trading at $1,657.80 per ounce, down $19.40 on light trading. Gold has support at $1,650.00 to $1,655.00, while it broke through the 100-day moving average at $1,676.50 yesterday. Gold’s 200-day moving average of $1,696.75 will provide stiff resistance and pave the way to breaking through $1,700 per ounce. Chinese Economic growth in the first...

GOLD The Floor brokers at the CME (short term professional gold traders) have become bullish on gold, once the price passed the Key resistance level at the 100 day moving average at $1,675.  At 11am PDT Gold is up $18.20 per ounce, trading at $1,677.20 per ounce on heavy volume. In February, mainland China bought 39,668 kilograms (39.668 metric tons...

GOLD Gold has consolidated its Tuesday’s gains, trading in a very narrow $10 per ounce high/low price range.  At 11am PDT today, Gold is trading at $1,659 per ounce, up $1 on a normal amount of volume. Around 9:30am PDT on Tuesday, Gold was trading at $1,634 per ounce, and within 45 minutes gold had rallied $25 per ounce on...

GOLD Gold as your ultimate safe haven investment re-emerged today, as concerns over a possible default of Spain’s sovereign debt and Spanish bank liquidity problems drove gold up $20 per ounce in just 30 minutes. At 11am PDT, Gold is trading at $1,658 per ounce, up $13.40 per ounce on a heavy volume of trading. Today, Standard Bank forecast gold...

GOLD Last Wednesday, after the Federal Reserve’s minutes were released showing that it was unlikely that a new round of stimulus (QE3) will be coming soon, both the stock market and gold sold off dramatically. This morning, April 9th, the market reacted to Friday’s disappointing employment report, and again the stock market reacted negatively, while at 11am PDT Gold is...

GOLDOur domestic commodity markets closed early today for the Good Friday holiday.  Asian gold/silver markets were relatively quiet with gold trading in a narrow range. At 11am PDT, based on secondary market trading we are calling Gold $1,631.60 per ounce, up $3.40 from Thursday. SILVERThe markets in Asia are taking advantage of Silver at this attractive price. Volume and demand...

GOLDAsian market buyers really like buying gold when the prices drop down into the low $1,600 price area. In overnight trading the Asian commodity markets saw an increase in volume as buyers aggressively purchased precious metals at the current attractive price levels. Speculation of a pending sovereign purchase of metric tonnage of gold also fueled demand. At 11am PDT, Gold...

Today’s news that affected the financial MarketsWhen the minutes of the Federal Reserve’s March meeting were released at 2:30pm EDT yesterday it was clear that it is highly unlikely that we will see another round of monetary stimulus (Quantitative Easing, QE3) from the U.S. Federal Reserve any time soon. The world’s stock markets and precious metals overreacted to this news...

GOLDGold traded today in a narrow range, from $1,666.30 on the low to $1,682.20 on the high. Right now Gold appears to be building a nice base for its next attempt to break above the important $1,700 market level.At 11am PDT, Gold is trading at $1,671.40, down $7.80 per ounce on normal volumes of trading.The Gold Comex net speculative position...