Gold Settles Higher for the Week, But Lower for the Day

          

Gold futures settled slightly lower on the day, with the most active December Comex contract currently fixed at $1,229.60, a net decline of $0.50 on the day. However, gold scored modest gains this week. Gold opened on Monday at approximately $1,221.10, and it is currently fixed at $1,229.60, resulting in an eight dollar gain this week.

Although the gains have been small and incremental, gold has now closed higher for the third consecutive week. During the first week of October, December futures opened at $1,195.90 and closed above $1,200 per ounce. Last week gold opened at $1,206 and closed at $1,222. This week gold opened just below Friday’s close at $1,221.10.

Last week, gold prices were defined by the resistance created at the 50-day moving average. This was up until Thursday’s solid $30 gain which took current pricing well above that price point, as well as above the 0.618% retracement for the first time since August 10.