Weekly Market Report

While everyone pays such close attention to every tick of the stock market and the cryptocurrencies, gold has been quietly flying under the radar. Not many have noticed that it’s now outperforming the S&P 500 so far this year . . . .

Last Friday, as Gold approached its recent high of $1,280 per ounce some news overshadowed the rally . . . .

Another great week for Gold investors as the price stayed above the key $1,250 per ounce support/resistance level . . . .

One of the big stories missing in the mainstream media this year is the fact that gold is up nearly 10% while the bulk of all other commodities are down – often by 10% or more . . . .

What a great week for Gold investors with Gold up all five days . . . . 

After reaching a low of $1,204 last Monday, Gold started on the road back to $1,300 per ounce . . . .

Last Monday, Gold dropped $23 per ounce, breaking below the important 200-day moving average of $1,230. Afterwards, Gold quickly dropped below $1,220, when the sentiment on the trading floor turned negative . . . . 

Last week Gold traded between $1,236.50 and $1,259 per ounce, closing at $1,242.30 per ounce on Friday, down $14 for the week. It was a disappointing week for Gold investors . . . .

Last week we saw Gold break below the key $1,250 support level, reaching a low of $1,241.70 per ounce. On June 6, Gold made its second attempt at breaking above the key $1,300 . . . .

Since February of 2017, Gold has traded between $1,201 and $1,298 per ounce. During that period of time Gold has made two attempts to break above the key $1,300 per ounce resistance level. The third attempt . . . .