Traders buy the dip all week reinforcing support for gold futures at $1800

8.15.22 - A Solution To Our Economic Woes

Gold last traded at $1,777 an ounce. Silver at $20.23 an ounce.

NEWS SUMMARY: Precious metal prices eased back Monday on profit-taking and a firmer dollar. U.S. stocks traded mixed on a slowing China economy ahead of retail earnings reports.

Kitco--"On Monday, August 8 gold opened at $1790 and by the close of trading had broken and closed above its 50-day moving average and closed at $1805 per ounce. Throughout the remainder of the week, December gold futures closed above $1800 on a daily chart. On Tuesday, Thursday and today December gold briefly traded to an intraday low between $1798 and $1799 prompting traders to buy the dip and move gold back above the key important level of $1800 per ounce.

In six instances market participants witnessed gold briefly break below $1800 and on each occasion recovered and closed above that key psychological price point. Both the daily and intraday charts demonstrate traders' resolve to buy gold futures on each occasion that they perceived gold had become oversold below $1800.

December gold closed the week near its weekly high of $1824.70 resulting in the fourth consecutive week of gains. Over the last four weeks, gold has traded from a low of $1680 which occurred during the week of July 18, and gained approximately $137 or 7.53% in just four weeks of trading....

Spot gold also finished solidly higher on the week taking physical gold just above $1800 per ounce for the first time since the beginning of July."