Gold recovers slightly from Monday's dramatic decline

Gold recovers slightly from Monday’s dramatic decline

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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