Archive for 'Weekly Trends'

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 one ...

Gold

Gold was up 1.4% on the week to close the session at $1198.30 for the second straight week of gains. During early morning trading on Thursday gold broke above $1200 and pushed to a 3-week high of just under $1220 where it met the 50-day MA and bounced off the trend line. The metal was pushed down the rest of Thursday’s session and ended the day at $1203.60. This was followed on ...

Gold

Gold was up $23.30 or 2% on the week to close at $1181.70 an ounce, thanks in large part to the outcome of the FOMC meeting. Despite removing the word “patient” from their statement, the FOMC signalled that they are in no rush to raise rates and that they will not be “impatient” in doing so. The committee lowered their growth forecast for 2015, which caught the market off guard, resulting in ...

Gold

Gold was down $9.80 to close the week at $1158.40. In the process, the metal put in a fresh 3-½ month low during Wednesday’s trading. Despite that, and being down over $10 during intraday trading on Wednesday, it was interesting to notice the gold miners were actually up 4% on the day. This may have merely been investors buying the oversold gold sector, or perhaps it is indicating something else. In either ...

Gold

Gold continued its descent from the January highs as it ended the week plunging from a stronger U.S. dollar. Gold closed Friday’s session at $1168.20, down $45.50 or 3.75% on the week. Up until this week, the metal hadn’t closed below $1200 since January 2^nd.

With the market-perceived strong jobs report out on Friday, investors poured into the U.S. dollar as the prospect of a mid-year rate-hike is back on the table. All ...

Gold

Gold was up moderately last week, increasing $10.40 to close at $1213.70 an ounce, a small correction of the past month’s declines. Although gold put in a fresh 7-week low during intraday trading on Tuesday, the metal found support and rebounded for the rest of the week. Gold traded in a $20 range for most of the week between $1190 and $1210, with buyers continuing to show up to support the price ...

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 2^nd. There remains a stronger support line in place from the November low that currently sits around the $1183 level, which should provide ...

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 ...

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 ...

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 ...