Gold

The number to focus on today is the number 10. Gold traders are witnessing a run on the precious yellow metal, now in its 10^th day for consecutive price gains. The last time traders witnessed ten consecutive trading days resulting in higher prices was back in 2011.

When it comes to market sentiment, many traders believe their focus should be on now rather than later. It seems the overwhelming majority believe in focusing on data and events which are influencing markets currently, rather than focusing on future events. At least this sentiment appears standard as far as the Federal Reserve is concerned.

Gold ended 2017 on a strong and solid note with consistent daily gains throughout the final trading days of last year. The rally, which began on December 11th of last year when gold prices hit an intraday low of $1238 per ounce, continues into the New Year.

For the third consecutive week, gold has rallied. This culminates with today’s nine dollar move, effectively taking prices above $1300 on a closing basis. Beginning in mid-December when the former correction ran its course, gold has closed higher week in and week out. The net result of this rally, when added to gains realized in 2017, is a 13% increase in value.

Gold declined throughout the first part of this month up until the lows achieved on December 11^th. At this time, prices traded to the monthly low of $1238 per ounce. From that point forward, gold prices steadily gained value, gaining almost $60 in the second half December. For gold traders, there were undoubtedly 12 days of Christmas this year.

Precious metals continue to gain value, with gold on track for a stellar monthly performance. Gold prices have been moving consistently higher since December 11, when prices bottomed at $1238 an ounce.

It was the day after Christmas and all through the exchange, gold traders were not silent as they looked at their gains.

As traders and investors returned to their desks after the extended three-day weekend, they witnessed both gold and silver continuing the dynamic rally which began on December 12th when gold bounced off lows of $1238.

Immediately following the passage of the tax reform bill, gold prices showed solid support and continued to move farther away from the lows witnessed last week. Beginning on Wednesday of last week, in response to the FOMC meeting statement released by the Federal Reserve, gold prices moved sharply off of the six-month low at $1238 per ounce.

Trading activity has been slowing down all week, and volume continues to diminish. Many traders and investors across country borders are preparing for the upcoming three-day holiday weekend. Yes, it’s beginning to feel a lot like Christmas.

Gold prices have seen moderate gains on the day, adding to the recent gains over this last week. Gold values have increased by approximately $30 over this last week, given that the lows exhibited on Tuesday took pricing to $1238 per ounce.