Aug.11th------15th weekly spot gold trend review
This week International gold opened at 1309.20USD/oz. , high at 1319.40USD/oz. , low at 1292.40USD/oz, closed at 1304.70USD/oz, dropt 6 USD, range of a price drop is 0.45%. Gold fluctuated violently this week, gold dropt to1306 at the beginning of this week, then climbed up to about 1316 and dropt again, rebounded to about 1308 after test the downside support line. Gold failed at the test of breaching 1320 resisting line and went downside, once touched 1293 after broke 1300 support line. Under the influence of intense Russia-Ukraine relationship, gold stabilized at about 1300.
This week data from the U.S. are various, initial jobless claim are increasing but retail sales is not as good as expected. These data kept gold from dropping below 1300. Added by unstable regional situations, gold price have the power to rebound. Still, Fed’s tightening expectations will press gold to volatile.