Gold
After lingering above the $1185 support level for most of last week, gold finally broke through this level with sustained selling pressure that pushed the metal all the way to $1175. It then regained some ground and closed at a 5-week low of $1179.90, down $23.90 or 2% on the week. The main drivers behind the selloff on Friday appears to have been the strong gains in U.S. equities and the better than ...
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Gold
Gold was supported last week by a declining U.S. dollar, as the market was forced to stop turning a blind eye to the weak economic data perforating out of the U.S. The NFP numbers were recently shrugged off, as were the weak retail sales and the continuously poor manufacturing and production numbers. However, the market could not ignore the compounding weak data any longer, and in the process the dollar was sold ...
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Gold
Gold started last week by gapping up after not trading during Good Friday when the NFP numbers were released. The metal pushed to $1224.15 before retreating back below $1200 with the help of the released FOMC minutes from the March meeting. However, gold rallied $15 on Friday to push the price back above $1200 to close last week’s session up $5.60 at $1208.10 an ounce.
The metal needs to hurdle the 100 day ...
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Gold
Gold was up slightly last week in an abbreviated four-day session to close at $1202.50, thanks to a strong performance on Wednesday. Some have attributed the gains on Wednesday to leaked non-farm payroll (NFP) numbers prior to Friday’s release. The gold market was closed for trading on Friday and not able to participate in the sell-off of the U.S. dollar after the NFP data came in well below expectations.
With the labour market ...
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