Weekly Market Report

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 . . . . 

Market reaction to the latest turmoil in the While House shows that investors are losing patience with the Trump administration and this should continue to underpin precious metals this year, according to one commodity analyst . . . .

Most tellingly, currency markets are again in a state of crisis – led by the “tell” of plunging emerging market and “commodity currency” nations . . . .

Gold prices raced higher as worries about political instability in the US swept financial markets . . . .

Spot precious metals are up an average of 0.4% this morning, Tuesday May 16, gold prices are up 0.2% at $1,233.50 per oz, the rest are all up 0.5% . . . .