This was a quiet week for the yellow metal. Gold was up $3 from last week’s close and this week closed at $1,317.18. This week’s weaker than expected US data supported the gold price as the US dollar was under pressure. America’s first quarter GDP came in lower than expected, dropping 2.9%. Traders continue to monitor the situation in Iraq, as well as technical indicators. Respected market analyst, Charles Nenner, has noted ...
A very good week for gold bulls, as the gold price jumped up by almost $40 dollars to $1,314.18. The entire weekly move took place on Thursday and was kick started by a large buy order. The large buy order occurred during lunch, with 2.9 million ounces changing hands in three separate trades, all within fifteen minutes. Technical buying and short covering also helped move the yellow metal higher. On Wednesday, Federal ...
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Gold had a solid week, closing at $1,277.40 per ounce. The major contributing catalyst for gold this week was the rising geopolitical tension in the Middle East. Traders and investors in the yellow metal will be keeping a close eye on the FOMC meeting next Wednesday. If gold can move a little higher, it will be back close to the 50 and 200 day moving averages.
Technicals:
50-day moving average: $1,286.20
200-day moving average: ...
