Archive for November, 2014

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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