Gold
Last week gold continued its retreat and reached a 6-week low in the process. Gold closed Friday’s session at $1203.30, down $24.60, or 2% on the week. The metal fell through multiple levels of support including a 6 ½-week supporting trend line in place from the low of January 2nd. There remains a stronger support line in place from the November low that currently sits around the $1183 level, which should provide significant ...
Continue Reading →
Gold
Gold continued its downward momentum last week, though it did experience a minor bounce off of the $1216.50 level on Thursday and Friday. Thanks to the bounce off of the 5-week low, gold was able to pare back some of the losses earlier in the week. The metal closed Friday’s session at $1227.90, down a mere $5.40 on the week. Gold found support along the 100 day MA at $1216.50 on Wednesday ...
Continue Reading →
Gold
After spending much of the week struggling in the $1255-$1275 range, gold finally plunged to a intraday low of $1228.20 on Friday after strong non-farm payrolls out of the U.S. put the prospect of June rate hikes back on the table. The metal recover somewhat to end the day at $1233.30, but was still down $50.40 or 3.9% on the week. In the process, gold broke below the 200 day MA on ...
Continue Reading →
Gold was down $10.40 on the week after experiencing a volatile two days of trading on Thursday and Friday. After plunging $30 on Thursday, the metal found support at the 200 day MA which was also a support level of a retracement mark of the strong move up in January. We are currently in a cluster of trend lines and retracement marks that gold will need to break out from. A strong ...
Continue Reading →
