Archive for 'Weekly Trends'

Weekly Trends: November 16, 2014

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Gold

Gold spent most of the week in the red around the $1160 level, but experienced a surprise surge on Friday to close at $1187.90, up $9.20 on the week. The uptick came right after gold dipped from strong retail sales out of the US. In a strange trading pattern, gold made strong moves up through out the day, what many are attributing to short covering before the weekend. A similar move was seen last ...

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Weekly Trends: November 9, 2014

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Gold

Gold spent most of the week under pressure, breaking through short term support and putting in a new floor at $1130.40 early Friday morning. However, with the release of lower then expected jobs report out of the US on Friday, coupled with Ukraine tensions flaring up, gold surged $37, up 3% on the day. Thanks to the gains made on Friday, gold was able to make back the losses incurred during the week, to ...

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Weekly Trends: November 2, 2014

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Gold

We are now officially in new bear territory for gold, which is an area that we have not been in since 2010. Gold broke key technical resistance at $1,180 on Friday, falling to a four and a half year low, while finally settling in at $1,173.50. The next level of major support now appears to be between $1,052 and $1,100, with short term support at $1,150. It looks as though Goldman Sachs may turn ...

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Weekly Trends: October 26, 2014

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Gold

After breaking through resistance at $1,250 on Tuesday, gold pulled back the remainder of the week to close Friday at $1,231.20, down $7.30 on the week. The pullback was due to rebounding equity markets, resulting from better than expected economic data, as well as strong corporate earning results. Outflows from Gold ETFs continue to show softening interest in gold as investors shift back into equities and away from safe haven assets. However, gold demand ...

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Weekly Trends: October 19, 2014

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Gold

Gold continued its rally this week, although it was slightly tepid. The price met sharp resistance at $1,250 on Wednesday, which immediately drove the price down below $1,240. Since that event, gold traded sideways in the $1,240 range for the remainder of the week closing at $1,239, up 1.3% from its close last week.

Gold benefited early this week from a broad sell off in North American and world markets. The concern about global growth ...

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Weekly Trends: October 12, 2014

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Gold

After its descent to the $1,190 level last Friday, gold managed to rally this week following a brief low of $1,183.30 Monday morning. The price of gold jumped after the FOMC minutes released Wednesday indicated that interest rates will probably stay close to zero longer than expected. The committee is also concerned about weakening economies around the globe. Gold finished the week at $1,221.70 up $28.80 (2.4%) from the $1,192.90 close last Friday. The ...

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Weekly Trends: October 5, 2014

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Gold

As a result of Friday morning’s release of better than expected US Jobs numbers, gold fell $27.10 (2.2%) to close the week at $1,192.90 per ounce. The US added 248,000 jobs in September with the unemployment rate dropping below 6% for the first time since pre-recession.

After holding its ground for the past 2 weeks, gold broke key psychological support at $1,200, and is now looking to test long-term support of $1,180. Gold has found ...

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Weekly Trends: September 28, 2014

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Gold

Gold finished almost flat on the week, closing at $1,215.40 per ounce. Gold is getting close to the key support level of $1,200. The US dollar continues to show strength as US economic data comes in as expected. On Friday, the US GDP came in as expected and is the fastest growth in 2.5 years. The US dollar continues to be the strongest currency worldwide which does not bode well for gold.

A research report ...

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Weekly Trends: September 14, 2014

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Gold

The yellow metal continues to struggle as the US dollar powers higher closing at $1231.50. The Fed meeting next week will be very important for gold. Investors will be looking for clues on when a potential interest rate hike may take place. Technical selling has also added to the decline in the gold price, but gold bulls argue that the USD has had too much of a run and needs to pullback.

The political situation ...

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Weekly Trends: September 21, 2014

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Gold

Gold is now at an 8 month low, closing at $1216.60 per ounce. That is down $15 on the week. Trading began fairly quiet this week. In fact, on Wednesday, gold actually closed at $4.50 higher than last Friday’s close.

However, the big headwind for gold is the continuing strength of the US dollar, which is now up 10 weeks in a row. The Fed announced on Thursday that a faster hike in US interest ...

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