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 […]

Click here to view original web page at www.kitco.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.