Archive for 2014

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 ...

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 ...

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 ...

Gold

Gold finished almost flat on the week, closing at $1,215.40 per ounce. Gold is getting close to the key support level of $1,200. The US dollar continues to show strength as US economic data comes in as expected. On Friday, the US GDP came in as expected and is the fastest growth in 2.5 years. The US dollar continues to be the strongest currency worldwide which does not bode well for gold.

A ...

Gold

Gold is now at an 8 month low, closing at $1216.60 per ounce. That is down $15 on the week. Trading began fairly quiet this week. In fact, on Wednesday, gold actually closed at $4.50 higher than last Friday’s close.

However, the big headwind for gold is the continuing strength of the US dollar, which is now up 10 weeks in a row. The Fed announced on Thursday that a faster hike in ...

Gold

The yellow metal continues to struggle as the US dollar powers higher closing at $1231.50. The Fed meeting next week will be very important for gold. Investors will be looking for clues on when a potential interest rate hike may take place. Technical selling has also added to the decline in the gold price, but gold bulls argue that the USD has had too much of a run and needs to pullback.

The ...

Gold was under pressure this week from a rising US dollar and closed down ~2% at $1267.30. An improving US economy and struggling Eurozone means continued appreciation for the US dollar. The Euro hit a 14 month low this week after the ECB announced a cut in interest rates and the embarking of a quantitative easing program.

Gold did have a small move upwards on Friday (+$7.50) as the US payrolls number disappointed. ...

Gold had a fairly quiet week, closing at $1287.40. As the calendar turns into September, gold is entering historically its best month of the year. Gold continues to be range-bound with no catalysts to push the price in either direction. The spot price has traded in a range of <$50 in the month of August, which is the narrowest spread in five years.

In the short term, we continue to look for gold ...

Gold dropped $26 on the week, closing at $1,280.20 per ounce. The week started with little movement in price, before dropping close to $20 after the FOMC minutes on Thursday. All signs coming from the Fed show the US economy continuing to improve. Data out of Europe continues to be weak and the US dollar has had a significant move since June. Gold has yet to start its seasonal rally. Russia continues ...

Gold continues to trade around the $1,300 level, closing at $1,306.20 per ounce. As has been the story for the last several months, political risk is supporting the price and the US economy’s recovery is putting pressure on it. The World Gold Council issued a report on Thursday, stating a 16% drop in global gold demand in the second quarter. The report states that gold production remains strong and is at ...