Gold has closed higher for three of the last four trading days. That being said, gold did sustain a sizable price decline this week. On Monday gold futures traded to a low of $1,848, and closed just slightly above that at $1,854.30. As of 3:45 PM EST, the most active December Comex contract is currently fixed at $1,886.20, after factoring in today’s gain of $12.90 (+ 0.69%). Dollar weakness accounted for a portion of today’s gains. The US dollar index lost approximately ¼% and is currently fixed at 92.73. The low that gold traded to on Monday is a significant technical price point as it represents a 38.2% Fibonacci retracement of the rally which began in March, when gold was trading at $1,450, to the new record high of $2,088 which occurred on August 7. On a technical basis, the price decline from the highs of August could be […]
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