Archive for 2014

Weekly Trends: December 28, 2014

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Gold was up slightly on the week at $1196.10 thanks to a strong push during the shortened session on Friday.

Frank Holmes, in his weekly roundup with US Global Investors, published an interesting note on gold. Even though it feels like gold has been going sideways all year, it is actually the second best performing currency on the year besides the US Dollar.

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That said, in ...

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Weekly Trends: December 21, 2014

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Gold started the week by wiping away all of the gains made the week prior, as investors poured back into the US dollar ahead of the FOMC meeting. Gold was down $30 on Monday, which essentially set the tone for the rest of the week. Upon the FOMC announcement gold fluctuated as the market digested Yellen’s commentary and eventually it trended lower as investors decided to flow into the dollar. Gold momentarily breached ...

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Weekly Trends: December 14, 2014

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Gold finished off a strong week at $1222.20, up 2.5%. This was a continuation of its recent rally off of the November low of $1131.

On Tuesday, gold broke through a four month down-trend line with conviction, though it encountered resistance at a 50% retracement mark at the $1238 level. This resistance mark also coincided with a test of a stronger five month down-trend line from the July highs. A break above this level ...

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Weekly Trends: December 7, 2014

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Gold

After an initial collapse to the $1142 level following the rejection of the Swiss gold referendum, gold went on a rampage finally peaking at a 1-month high of $1221.13. Much to the relief of gold proponents, this near $80 reversal quickly put the price back above $1200 and broke resistance levels in the process.Tempering the strong move on Monday was a series of data points released throughout the week, including the particularly striking ...

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Weekly Trends: November 30, 2014

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Gold

Gold was unable to build off of last week’s momentum and was generally stagnant for most of the week. Then, it finally succumbed to the pressures of a stronger dollar and a collapsing oil price.

It was a tentative battle at the $1200 level this week, as neither the bears nor the bulls wanted to give up much ground, until Friday when gold finally buckled to the substantial selling. Gold finally settled at $1165.80, ...

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Weekly Trends: November 23, 2014

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Gold

Gold continued its recovery this week from the $1130.40 low of November 7th to Friday’s close of $1201.50. Gold is now up 6.3% from the low, and bulls are looking to build off that momentum. The higher close on the week was not without its battles. For those of you that had the stomach to watch the volatile gold battle on Wednesday, it was quite the show.  A shocking $20 drop in price ...

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Weekly Trends: November 16, 2014

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Gold

Gold spent most of the week in the red around the $1160 level, but experienced a surprise surge on Friday to close at $1187.90, up $9.20 on the week. The uptick came right after gold dipped from strong retail sales out of the US. In a strange trading pattern, gold made strong moves up through out the day, what many are attributing to short covering before the weekend. A similar move was seen ...

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Weekly Trends: November 9, 2014

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Gold

Gold spent most of the week under pressure, breaking through short term support and putting in a new floor at $1130.40 early Friday morning. However, with the release of lower then expected jobs report out of the US on Friday, coupled with Ukraine tensions flaring up, gold surged $37, up 3% on the day. Thanks to the gains made on Friday, gold was able to make back the losses incurred during the week, ...

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Weekly Trends: November 2, 2014

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Gold

We are now officially in new bear territory for gold, which is an area that we have not been in since 2010. Gold broke key technical resistance at $1,180 on Friday, falling to a four and a half year low, while finally settling in at $1,173.50. The next level of major support now appears to be between $1,052 and $1,100, with short term support at $1,150. It looks as though Goldman Sachs may ...

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Weekly Trends: October 26, 2014

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Gold

After breaking through resistance at $1,250 on Tuesday, gold pulled back the remainder of the week to close Friday at $1,231.20, down $7.30 on the week. The pullback was due to rebounding equity markets, resulting from better than expected economic data, as well as strong corporate earning results. Outflows from Gold ETFs continue to show softening interest in gold as investors shift back into equities and away from safe haven assets. However, gold ...

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