Each week Lo
ngleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.
WEEKLY GOLD REPORT (November 26 through November 30)
After a strong finish last week in most major global markets, we begin this week flat after the festivities.
Following the Thanksgiving Holiday in the United States, traders were lined up to buy anything that they could get their hands on during Friday’s shortened trading day. It seemed that markets were still reacting from news earlier in the week, and probably taking advantage of the light volume opportunity.
Throughout the shortened week, markets like Gold were moving sideways to higher following news in the United States that Democrats and Republicans were enthusiastic about the upcoming “Fiscal Cliff” negotiations. Across the pond, European news suggested that while no final decisions were made regarding Greece yet, a good old fashioned can-kicking would suffice. The Eurogroup/IMF Meeting will continue today to decide on Greek Debt and the next tranche of cash. Prior to the meeting, it was reported that “considerable progress” has been made. Apparently, these delayed decisions were enough for investors like George Soros and John Paulson to report they had added to their already hefty long Gold positions. Continue reading "Gold Chart of the Week"
