We have maintained a target of $1,485 – $1,535 per ounce for gold by the end of 2018 for several months now. This target is based on a measurement of three technical levels which all occur within this $50 swath. As a reminder for new readers of this column, the three target levels we are
Gold has fallen further over the past week from the correction zone between $1,283 – $1,301 which would have constituted an ideal 38.2% – 50.0% Fibonacci retracement of the July through September advance. However, as discussed in the gold update two weeks ago, the precious metal could fall all the way back down to $1,240
We have not had a good look at silver in several months, so let us take the opportunity this week to do so. First, the stats: for the week ended Friday, silver fell by 1.8% or $0.31 cents, to close at $16.68 as of the final tick for the December futures contract on the New
Given the decline seen in gold prices over the past three weeks, let us update our technical roadmap for the international store of wealth. For the week as a sum, gold closed lower by 2.1% or nearly $28 to finish at $1,291 as of the final trade on the New York COMEX on Friday afternoon.
The US Federal Reserve begins its once-per-six-weeks policy meeting on Tuesday, with a statement to be issued by Chairwoman Janet Yellen on Wednesday at 2 pm EST. Expect lower volatility across most markets on Tuesday and Wednesday prior to the announcement, with a spike in volatility immediately after 2 pm. We cannot know exactly what will