The bullish technical correction combined with some
The precious metal demonstrated its first positive week after three major weekly drops: 7.2 percent, 3.9 percent followed by 1.7 percent. The decline’s magnitude contraction over these weeks clearly signals of the downtrend exhaustion. This week’s Monday and Wednesday sessions drove the commodity up despite some uncertain price action on other days.
Bernanke‘s speech on monetary policy, which confirmed that there will be no soon end to the current loose mode, together with the release of the FOMC minutes for the latest committee meeting contributed to this week’s drop of the US currency. As it often happens,
Gold spot price fell from $1,283.47 to $1,277.19 per troy ounce as of 16:45 GMT today. The previous week ended at $1,219.21 per troy ounce, which corresponds to a 4.8 percent gain for the current week so far — the best result since
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