Wall Street bets on gold consolidation or correction, Main Street remains bullish as Fed rate decision and major data loom | Metals Mine

  • Wall Street bets on gold consolidation or correction, Main Street remains bullish as Fed rate decision and major data loom

    From kitco.com

    Gold was a story of two halves this week, with near mirror-image performances splitting the weekly price chart around Tuesday evening. Spot gold kicked off the week trading at $3,347.05, and there was no stopping the yellow metal in the early going. Gold prices rallied to $3,370 during the Asian and European sessions and shot all the way up to the edge of $3,390 ahead of the North American open on Monday morning. By 11:00 a.m. EDT, spot gold had established a near-term top right at the $3,400-per-ounce resistance level. After a second attempt to breach $3,400 failed just after 7:00 p.m. Eastern, gold dipped back down ... (full story)

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