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 […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet