Weekly Market Report

Last week’s Gold correction, closing at $1,248 per ounce, was caused by a combination of short term factors. Those factors being . . . .

It becomes frustrating to watch the battle behind the Gold bulls and bears during the past few months, as Gold trades between the $1,270 and $1,300 per ounce levels . . . .

Finally, my year-end precious metal rally started last Friday. After over a month of the Gold price consolidating, with very low volatility while trading between $1,260 to $1,300 per ounce, I believe Gold is ready to move higher . . . .

Last week, Gold continued to trade in a narrow trading range between $1,271 to $1,281 per ounce. Many of the key financial indicators traded within a very tight range as the Gold price showed excellent consolidation . . . .

Last week, Gold traded in a narrow range between $1,268 and $1,277 per ounce, down $3 for the week. Although Gold is still up $118 since the beginning of the year, it sold off $82 in the past two months . . . .

Last week, Gold had an amazing week, closing within a $10 high/low range all five days . . . .

Commodity prices stormed higher in the decade to 2012, fueled by a mismatch between Chinese demand and global supply, creating supply shortages that led to substantial gains in many commodity markets . . . .

Although gold has fallen below key resistance, one market analyst said that he sees some underlying strength in the marketplace as the metal holds above important support levels . . . .

“We believe that precious metals remain a relevant asset class in modern portfolios, despite their lack of yield,” said Goldman Sachs in a recent report on the dilemma of what investors should do about falling gold price . . . .

Last week was a great week for Gold investors. Gold rose $10 last Monday on excellent trading volume and never looked back . . . .