Gold soars to the 1000 mark
Gold soars to the 1000 mark
Precious metals were the breakout story of the week, as Gold, Silver and Platinum all presented sharp moves higher.
The move came as traders jumped into commodities prior to the G20 meeting that was scheduled over the weekend. Gold moved up $34 dollars per ounce this week or 3.7%, and tested trend line resistance that was created by highs in March 2008 and February 2009.
The precious metal tested the $1,000 mark, and backed off slightly on Friday, after the employment report.
In addition, silver broke out to new highs for 2009, smashing through trend line resistance to close at $16.23 for the week. Silver had an outstanding move for the week, moving up by $1.45 an ounce (9.8%), leading the precious metals.
One must note that Gold is currently trading around major psychological resistance.
A break of current levels will only confirm silver’s trend higher as both tend to trade in the same direction.
Sep , 2009
