Weekly Market Report

After closing 2017 at $1,306.30 per ounce, up $156 (13.5%) for the year, Gold continued the rally into 2018. Last week, the first week of the new year, trading volume increased and the Gold price stayed above the important $1,300 per ounce long-term support level . . . .

The US dollar weakened across the board after the release of the US employment report and pushed gold to the upside. The metal rose $6 in a few seconds, from $1316/oz to $1323 to test daily highs . . . .

What a great year-end rally for Gold! During December, Gold rallied from a 5-month low of $1,235 on Dec. 12 to close the year at $1,306.30 on Friday Dec. 29 . . . .

Gold prices should see a steady rise in 2018 as inflation picks up and competition from equity markets slows down, according to George Gero, managing director at RBC Wealth Management . . . .

After reaching a 5-month low of $1,235 on Tuesday, December 12, the Gold price has rallied $40 per ounce. On Friday, Gold closed at $1,275 per ounce, up . . . .

After reaching a 5-month low of $1,235 last Tuesday, Gold rallied the rest of the week. Gold closed at $1,254.50 on Friday, up $6.50 for the week, and showing a $105 increase since the beginning of 2017 . . . .

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 . . . .