It’s always great to have a few days off. And I hope you enjoyed yours with family and close friends. We do have so much to be thankful for, even while gold was hit in quiet trading while many people were looking the other way, or passed out on the couch in a turkey coma.
A solid week for markets even though it was quiet, although Friday’s lack of volume allowed some stocks to be pushed around a bit. But that should not last once traders and volume return Monday.
Gold and silver were also hit Friday along with oil on the OPEC decision not to decrease oil production. You really don’t see oil move this much ever, or with such ferocity.
It is hard to say too much about the metals until we see traders return. In any case let’s take a look anyhow.
Gold lost 2.97% for the week, all on Friday while traders were mostly away. Gold was solid and setting up perfectly for higher prices all week until Friday’s half day. Breaking $1,180 is not a good sign at all, but with Thanksgiving Thursday being a holiday, it is hard to take it too seriously yet.
I need to see how gold acts Monday..and overnight Sunday before I can say we are rolling over once again.
Large volume pushing gold lower Friday is a bit odd, especially considering how little volume silver saw pushing it lower.
For now, we may be broken but I do need to see a bit more confirmation that this is real and Monday should tell the tale.
This post was published at Gold-Eagle on November 30, 2014.
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