Weekly Market Report

June was truly an ugly month for Gold investors. Gold started the month at $1,301 and ended at $1,251 per ounce, a $50 decline . . . .

Last week was the second week in a row that the Gold price was on the defensive . . . .

Gold reached a high of $1,309 and a low of $1,273, a $36 range, last week. Last Tuesday, Gold rose above the key $1,300 resistance level . . . .

As the world continues to see economic improvements, Gold and silver are relegated to an after-thought by investors . . . .

The Gold price was on hold last week. All five-trading days, Gold closed between a low of $1,293 and a high of $1,298.50 per ounce; an unbelievably narrow high/low range of only $5.50 on low trading volume . . . .

Most of last week, Gold traded above and below the important $1,300 per ounce support/resistance level. Gold ended last week at $1,295 per ounce, down $8 on normal volume . . . .

Last Monday through Wednesday, Gold traded in a $10 High/Low range, between $1,286 and $1,296 per ounce. Then early Thursday, the President cancelled the North Korean summit and the stock market dropped 150 points but Gold/Silver rallied . . . .

Last Tuesday, Gold dropped $28 per ounce to below $1,290, breaking the important $1,300 resistance level . . . .

Gold traded below the $1,305 price five times in the past two weeks, testing the important $1,300 per ounce resistance level. Now, Gold has firmed up that support and is finally moving up to the $1,320 area . . . .

A commodity bull market is forming and gold has a big part to play, according to one Bank of America Merrill Lynch (BAML) strategist . . . .