Saturday, May 27, 2017

Gold ends week above key resistance level and at highest price in a month

On May 26 gold ended market trading at the highest price in a month, and with positive gains over the past three weeks.  But even more important was the fact that the gold price closed above a key resistance level that signals a bullish move going forward for the precious metal.


End of day analysis for Gold 26-05-2017
Chart courtesy of Economies.com
Gold price ended today and this week trading above 1263.00 level, which confirms the continuation of the bullish trend in the upcoming sessions, waiting for more gains that reach to 1295.37 on the near term basis, reminding you that holding above 1249.94 is important to keep the chances of continuing the expected rise. - Economies
Ever since gold and silver prices were beat down severely in the early part of May with a record streak of 14 straight days of declining prices in the white metal alone, gold has recovered more than $40 from its lows and is now overall positive for the month.  But this has not been the only alternative monetary class to see positive gains in May as both silver and Bitcoin have done extremely well at the same time the dollar has fallen over 200 bps on the dollar index.



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