Gold dropped significantly this week, down to $1,249.60 per ounce – a four month low. Gold slipped on upbeat economic data coming out of the US this week. Technical selling then took control as gold breached support levels. We mentioned the importance of watching the US dollar, which also strengthened this week. Geopolitical risk has lowered a little bit with Russia pulling troops out of Ukraine.
50-day moving average: $1,295.53
200-day moving average: $1,298.02