After pressing below the $1230 level, gold closed the week on a positive note finishing up at $1250. Platinum markets went opposite the gold and silver markets this week, moving down below $1380 and finishing the week down near $1360. A retest of the July low at $1300 looks quite likely in the near term. Overall, it was a weak month for gold and silver as USD strength in combination with the ...
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Gold had a tough week after a $30 down day on Wednesday on potential tapering headlines. From a technical perspective, the charts for the precious metals do not look great. A small rebound off $1260 was no match for the sell side and it seems like we will be seeing $1200 gold in the coming weeks. It is important for readers to remember there are two kinds of trades in gold: the ...
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It was another yo-yo week for the precious metals as they were hit hard Monday through Wednesday on further technical selling. The breakdown from our $1310 area triggered stops and pushed gold below $1280 and made a spike low of $1260. Yellenomics fortunately came in to save the day as Janet Yellen (the next Fed Chair) said in a testimony that she is in no hurry to stop spending programs anytime soon. ...
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Another wild week for the precious metals as headlines across the globe and technical selling hurt the charts. The main driver for initiating the selling in precious metals came from the ECB interest rate announcement, when the ECB unexpectedly cut rates. This caused the US dollar to appreciate and the inverse relationship that we haven’t seen a lot of lately took over and propelled gold lower. Technical selling below the $1310 level ...
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Even the promise of $85 billion per month in treasury purchases wasn’t enough to push the metals markets higher. Gold fell to a three-week low on Friday after rather hawkish comments came in from the FOMC meeting on Wednesday. Weakness in Europe caused the US dollar to appreciate adding fuel to the fire and pushing the precious metals lower. Both the GLD and SLV recorded significant monthly outflows for the first time ...
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