Weekly Market Report

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 . . . . 

Last Friday, Gold closed at $1,271 per ounce, down $9 for the week. Last week was an exciting week with Gold making a new 2017 high . . . .

Three major factors helped Gold breakout above the key $1,270 per ounce level last week . . . . 

Gold started the year at $1,150 per ounce and reached a high of $1,297 on April 17, a $147 increase . . . . 

Last week, many of Gold’s indicators turned bullish and the price reacted with a $26 per ounce rally. Gold reached a high of $1,265 last Thursday, before seeing short-term selling . . . .