Weekly Market Report

Last Friday, Gold closed at $4,536 per ounce, up $184 to a new record high. Last week, the Consumer Confidence Index (CCI) for December was reported, falling to 89.1, below the forecast of 91. This weaker CCI report, along with disappointing October durable goods sales, rising tension between the U.S. and Venezuela, and a weaker U.S. Dollar, has been bullish for the Gold price... Barry Stuppler

Last week, U.S. unemployment data for November was released, showing an increase to 4.6%, the highest level in over four years... Barry Stuppler

Gold trading started last week at $4,215 per ounce and closed on Friday at $4,301 per ounce, up $86 for the week... Barry Stuppler

For most of last week’s trading, Gold stayed above the key $4,200 per ounce level... Barry Stuppler

Gold traded last week between $4,036 to $4,224 per ounce, closing on the high of $4,224, up $144 for the week... Barry Stuppler

During the past four weeks, Gold has traded between $3,900 and $4,200 as it builds a firm base above the key $4,000 per ounce support level... Barry Stuppler

Gold moved above the key resistance level of $4,000 on Monday and reached a high of $4,240 by Thursday... Barry Stuppler

The price of Gold was $3,850 per ounce on October 1st... Barry Stuppler

At this point, the $4,000 level for Gold is very important... Barry Stuppler

During Gold trading in New York last Tuesday, the price of Gold dropped $250 per ounce, moving from $4,360 to $4,110 per ounce, the highest trading volume seen in years. In early Wednesday morning trading in China, Gold tested the key $4,000 per ounce support level, dropping to $4,003 before seeing massive bargain buying and short-covering... Barry Stuppler