Archive for 'Weekly Trends'

This was a quiet week for the yellow metal. Gold was up $3 from last week’s close and this week closed at $1,317.18. This week’s weaker than expected US data supported the gold price as the US dollar was under pressure. America’s first quarter GDP came in lower than expected, dropping 2.9%. Traders continue to monitor the situation in Iraq, as well as technical indicators. Respected market analyst, Charles Nenner, has noted ...

Gold had a solid week, closing at $1,277.40 per ounce. The major contributing catalyst for gold this week was the rising geopolitical tension in the Middle East. Traders and investors in the yellow metal will be keeping a close eye on the FOMC meeting next Wednesday. If gold can move a little higher, it will be back close to the 50 and 200 day moving averages.

Technicals:

50-day moving average: $1,286.20
200-day moving average: ...

Gold dropped significantly this week, down to $1,249.60 per ounce – a four month low. Gold slipped on upbeat economic data coming out of the US this week. Technical selling then took control as gold breached support levels. We mentioned the importance of watching the US dollar, which also strengthened this week. Geopolitical risk has lowered a little bit with Russia pulling troops out of Ukraine.

Technicals:
50-day moving average: $1,295.53
200-day moving average: $1,298.02
Continue Reading →

Gold closed at $1,252.50 per ounce on Friday, up $2.90 on the week. Not much action in gold this week, although on Thursday gold was up ~1% as the ECB announced a $400 billion Euro lending scheme designed to increase lending to businesses. On Friday, US employment data showed the economy adding 217,000 jobs in May and gold had little reaction. No major economic catalysts are on the horizon for next week, ...

Gold continues to be stuck in the $1290-$1305 range which is up about 7% year to date. Gold bulls are looking at the Ukraine elections this weekend as a possible catalyst. Meanwhile, gold bears continue to argue that the slowly improving US economy is bearish for the yellow metal. Sales of US homes increased 6.4%, which is the highest since October, resulting in only a $2 drop in gold prices Friday. Also ...

It was another fairly quiet week for the gold price which closed at $1293.40 Gold has been in a tight trading range since the end of March. No major catalysts have occurred to move gold one way or the other. Investors will be closely watching the FOMC minutes for April this week.

India, the world’s second biggest gold consumer, held its elections on Friday. It is expected that import restrictions on gold may ...

Gold had a fairly quiet week closing at $1287.60, which is down from last week’s close of $1302.90. Weakness was mainly driven by positive economic comments from Fed Chair Janet Yellen.Gold has been trading in a fairly tight range the last several weeks with the average price in April being $1299/per ounce and May so far coming in at $1289.90/ounce. Tensions between Russia and Ukraine continue to support gold as a safe ...

Gold continues to trade around the $1,300 level and closed at $1,302.80. The gold market moved higher on Friday as tensions between Russia and Ukraine escalated. As far as physical demand goes, premiums in India are rising due to tight supply ahead of the second biggest buying festival of the year, Akshaya Tritiya (May 2nd). In China, demand is ...

A little bit of volatility in the gold price this week occurred as gold closed on Thursday at $1294.60, down from the previous close at $1,318.40 per ounce. April 15th was an interesting day as gold dropped $27 to close just under $1,300.  It appears three large sell orders caused the drop shortly after the New York market opened. ...