GMRgold Blog

Someone rang the alarm bells alerting institutional investors that Gold was about to take out the key psychological and resistance level of $2,000.00 per ounce resulting in punishing defeat for Gold Bugs last week.

Gold traded in a tight range between $1,926.00 and $1,952.00 per ounce on the spot market last week. It would appear that the Ukrainian War is priced into the yellow metal.

Gold took the markets on a roller coaster ride last week with prices ranging from a high of $2,060.00 per ounce to a low of $1,950.00 causing independent investors to re-think their positions. Stand firm!

The war in Ukraine continues to dominate the headlines and drive markets across the board. Gold is now threatening to topple the all time high while knocking on the $2,000.00 per ounce door.

Gold Investors must have felt like Dallas Cowboy fans entering the playoffs last week as gold looked like it would head to the moon only to fall back to the comfort of its most recent foothold. After threatening the $2,000.00 per ounce spot price, Gold retreated to its safe zone near the $1,900.00 level that it has now set as the new level of support.