Gold

Gold’s respectable gains on Thursday took a week that was headed for a lower close, to closing fractionally higher for the week. Gold traded to a low of $1269, which is two dollars above the double bottom which occurred in April. It also traded to a high at exactly $1287 which is a Fibonacci retracement of .38%.

Not even the Federal Reserve minutes from last month’s meeting seem to have any kind of dramatic affect either bullish or bearish as it relates to current gold pricing.

Since the middle of February immediately following this year’s high at $1350, we have seen a series of lower highs, and lower lows. This trend would continue until we had a double bottom on April 24^th  and May 2^nd at approximately $1267. From the second bottom on May 2^nd the market began a short-lived rally taking gold prices just above $1300 per ounce.

It was another brutal day for gold prices. Gold futures basis the most active June contract opened at $1285.80 this morning, and after trading to a low of $1274.60 it closed $8.50 lower and is currently fixed at $1277.60. The dollar provided moderate headwinds, as it gained 0.19% in trading today.