Archive for 'Weekly Trends'

Weekly Trends: January 25, 2015

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Gold had another strong week while breaching the $1300 mark for the first time since mid-August. However, the metal met stiff resistance around $1307 and could not sustain the upward momentum and eventually fell back below $1300 on Friday. Gold ended the week up $39 to $1294.10, or 3.1%.

The announcement of a €1.1 trillion QE program by the ECB on Thursday helped the metal reach a 5-month high. Gold also breached a 20-month downtrend ...

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Weekly Trends: January 18, 2015

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Gold had a breakout week following the surprise announcement by the Swiss National Bank (SNB), which shocked financial markets and had traders turning to gold. The SNB announced that they will no longer be pegging the Swiss franc to the euro, a 3-year relationship that most currency traders assumed was a sure thing. However, the SNB decision proved otherwise, and in the process sent the financial world into turmoil.

The financial fallout from the announcement ...

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Weekly Trends: January 11, 2015

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Gold started the week by breaking through the short-term downtrend in place since early December, but failed to reach those same December highs. Gold continued to rally to a high of $1223.30 on Tuesday, which represented a $55 recovery off of the one-month low put in the Friday morning prior. After positive ADP numbers out of the U.S., and a change in market sentiment on Wednesday, gold’s rally broke down. However, following non-farm payroll ...

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Weekly Trends: January 4, 2015

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Gold ended the year at $1183.20, down 1.8% in 2014, and down for the second year in a row. However, as the chart showed in last weeks “Weekly Trends”, gold has been the second best performing currency in 2014 next to the U.S. dollar. 2014 also saw gold put in a new four-year low of $1130.40 on November 7, which marked a 40% decline since the highs reached in 2011. With a certain degree ...

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Weekly Trends: December 28, 2014

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Gold was up slightly on the week at $1196.10 thanks to a strong push during the shortened session on Friday.

Frank Holmes, in his weekly roundup with US Global Investors, published an interesting note on gold. Even though it feels like gold has been going sideways all year, it is actually the second best performing currency on the year besides the US Dollar.

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That said, in order for ...

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Weekly Trends: December 21, 2014

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Gold started the week by wiping away all of the gains made the week prior, as investors poured back into the US dollar ahead of the FOMC meeting. Gold was down $30 on Monday, which essentially set the tone for the rest of the week. Upon the FOMC announcement gold fluctuated as the market digested Yellen’s commentary and eventually it trended lower as investors decided to flow into the dollar. Gold momentarily breached the ...

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Weekly Trends: December 14, 2014

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Gold finished off a strong week at $1222.20, up 2.5%. This was a continuation of its recent rally off of the November low of $1131.

On Tuesday, gold broke through a four month down-trend line with conviction, though it encountered resistance at a 50% retracement mark at the $1238 level. This resistance mark also coincided with a test of a stronger five month down-trend line from the July highs. A break above this level would ...

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Weekly Trends: December 7, 2014

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Gold

After an initial collapse to the $1142 level following the rejection of the Swiss gold referendum, gold went on a rampage finally peaking at a 1-month high of $1221.13. Much to the relief of gold proponents, this near $80 reversal quickly put the price back above $1200 and broke resistance levels in the process.Tempering the strong move on Monday was a series of data points released throughout the week, including the particularly striking jobs ...

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Weekly Trends: November 30, 2014

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Gold

Gold was unable to build off of last week’s momentum and was generally stagnant for most of the week. Then, it finally succumbed to the pressures of a stronger dollar and a collapsing oil price.

It was a tentative battle at the $1200 level this week, as neither the bears nor the bulls wanted to give up much ground, until Friday when gold finally buckled to the substantial selling. Gold finally settled at $1165.80, down ...

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Weekly Trends: November 23, 2014

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Gold

Gold continued its recovery this week from the $1130.40 low of November 7th to Friday’s close of $1201.50. Gold is now up 6.3% from the low, and bulls are looking to build off that momentum. The higher close on the week was not without its battles. For those of you that had the stomach to watch the volatile gold battle on Wednesday, it was quite the show.  A shocking $20 drop in price occurred ...

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