A consolidation pattern emerges for gold

Gold ended the week flat, again closing at $1,291 per ounce. Its daily chart is forming a consolidation pattern (see the following chart). This pattern, called a “pennant,” generally precedes a breakout to the previous trend—in this case, the uptrend that started at...

Trade of the Century!

Gold ended the week down $21.40 per ounce, closing at $1,292, as it continued to remain around the $1,300 level. Prices are still on track for its second quarterly rise, as the dollar dropped following weaker-than-expected U.S. consumer spending. Last week, the...

Fed Shift

Gold ended the week up $11.10 per ounce, closing at $1,313.40. This was its third consecutive weekly gain and its best week in nearly two months. On Wednesday, the Federal Reserve left interest rates unchanged, and stated they saw nothing on the horizon causing a...

Golden staircase

Gold posted a second straight weekly gain as prices found support on Friday (3/15), closing at $1,302.89 per ounce. Gold prices moved back up to their 50-day moving average and stayed well above their 200-day moving average (see the following chart). The recent...

Uptrend breakout

Gold closed higher Friday (3/8) at $1,297 per ounce, ending in a gain for the week. Weak U.S. jobs data may be signaling a slowdown in the U.S. economy as employment has been reaching saturation levels. This and the apparent end of the Federal Reserve’s cycle of...