Archive for October, 2014

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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Weekly Trends: October 19, 2014

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Gold

Gold continued its rally this week, although it was slightly tepid. The price met sharp resistance at $1,250 on Wednesday, which immediately drove the price down below $1,240. Since that event, gold traded sideways in the $1,240 range for the remainder of the week closing at $1,239, up 1.3% from its close last week.

Gold benefited early this week from a broad sell off in North American and world markets. The concern about global ...

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Weekly Trends: October 12, 2014

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Gold

After its descent to the $1,190 level last Friday, gold managed to rally this week following a brief low of $1,183.30 Monday morning. The price of gold jumped after the FOMC minutes released Wednesday indicated that interest rates will probably stay close to zero longer than expected. The committee is also concerned about weakening economies around the globe. Gold finished the week at $1,221.70 up $28.80 (2.4%) from the $1,192.90 close last Friday. ...

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Weekly Trends: October 5, 2014

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Gold

As a result of Friday morning’s release of better than expected US Jobs numbers, gold fell $27.10 (2.2%) to close the week at $1,192.90 per ounce. The US added 248,000 jobs in September with the unemployment rate dropping below 6% for the first time since pre-recession.

After holding its ground for the past 2 weeks, gold broke key psychological support at $1,200, and is now looking to test long-term support of $1,180. Gold has ...

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