Daily Market Report

GOLD Gold has been showing excellent support at $1,645 per ounce and resistance at $1,670, and most professional traders are buying on dips and selling into resistance, with very few wanting to be short. At 11am PDT, Gold is trading at $1,664.00 per ounce, up $7.20 per ounce on average weekend trading volume. Today’s report from ICBC (Industrial & Commercial...

GOLD Over the past 24 hours, gold has been trading in a narrow range. Gold’s low/high spread has been $1,648 to $1,663 per ounce in active global trading. I believe this type of base building is healthy for the market and could last till month end.  The fundamental reasons for gold ownership keep getting better. The IMF is looking to...

GOLD Today’s IMF announcement about boosting its lending resources combined with reports of increasing demand for Gold in Asia has provided strong demand for gold.  The low/high trading range for Gold overnight has been $1,641/$1,664 per ounce. At 11am PDT, gold is trading at $1,660.70, up $3.20 per ounce on excellent consolidation support.  The price of Gold has recently been...

GOLD Up, up and away, the 2012 gold rally has started. Seventeen days into 2012, and gold has increased by $90 or 5.5%. At 11am PDT Gold is up $13.30 per ounce, trading at $1,657.50 on heavy volume. Gold prices rose to the highest level in over a month as buyers speculated that slowing Chinese growth may lead to monetary...

GOLD In the face of a major rally in the value of the U.S. Dollar versus the weak Euro ($1.2620), gold is up on the day. When we have a rally in the Dollar, gold priced in U.S. Dollars normally declines, but the Dollar rally is due to the massive and continuing debt crisis in Europe. Many of the PIIGS...

GOLD At 11am PDT Gold was down $15.90 for the day, trading at $1,634.80 per ounce, but up $19.80 for the week. Gold prices eased today as fears about a S&P credit downgrade of France and Austria drove the value of the U.S. Dollar higher versus the Euro.  The Euro also dropped today as talks over Greece’s debt restructuring collapsed...

GOLD Gold prices were up today partly because of lower borrowing costs for Spain and Italy which pushed the euro higher versus the U.S. Dollar, resulting in a rally for gold and silver. At 11am PDT, Gold is up $11.10, trading at $1,650.70 per ounce on excellent global exchange volume. $1,650 is a minor resistance level and if gold can...

GOLD Today’s report showing record gold imports to China late last year has reassured investors that physical off-take is underpinning the gold market. Mainland China bought 102,779 kilograms from Hong Kong in November, up from 86,299 kilograms in October (19% increase), according to the Census and Statistics Department of the Hong Kong government. China doesn’t publish gold trade data. China...

GOLD A combination of a weaker U.S. Dollar caused by possible progress toward implementing tougher budget rules across the Eurozone, and Gold breaking above its 200-Day moving average, drove Gold higher this morning. A widening of the Chinese trade surplus in December was another positive factor for Gold.  At 11am PDT, Gold is up $21.40 per ounce, trading at $1,633.50...

 GOLD Gold traded in a very supportive narrow range this morning. The low/high was $1609/$1623, a very tight $14 per ounce trading range on excellent volume.  At 11am PDT gold is at $1,612.10, down $6.90 per ounce.  Gold prices lost more than half a percent today. This, after the momentum that pushed prices up 3 percent last week fizzled, the...