A Slight Increase in the price of the dollar and uncertainty in Change of Interest rates; Reverts the Gold upward trend.
Last week was very promising for gold enthuse as the precious metal broke past its resistance point. The price of the precious metal had momentarily gone above its 200-day moving average, peaking at $1,187 an ounce, Some of the analysts had suggested that the gold break past its resistance would lead to a positive year-end close of above $1,200. However this week the precious metal plunged down and is now ranging around $1,166.
According to reports from Wall Street Journal, Investors pocketed their gains, when a slight increase of the dollar price took place. But this uncertainty had been looming for a while, as we had pointed out in our last reports the price of gold majorly depends on the Federal Reserve increasing the interest rates, according to a note from Goldman Sachs to its client a normalization of the interest rate is expected.
This week, the price made a slight upward curve from 19th to 20th of 0.40%, then a major drop from 20th to 21st of -0.88% closing at $1167.60, then a slight drop of -0.09%, from yesterday to today the price of gold is back on the green, as of now the price is at $1179.10, an increase of 1.07% from yesterday.
The price of silver this week registered a low of 15.64 on Wednesday the same day as gold, from a high of 16.15. However the trend from Wednesday has changed and it’s on the green as at the moment silver is at 16.00, which is an increase from Wednesday.
Most of the time, the price of silver directly related to the movement in the price of gold, this is because both precious metals are used as a hedge against a drop in the dollar, this is evident this week as the dollar made a rise, silver and gold and made a bullish trend.
Bitcoin have had a busy week; Bitcoin registered a high price of $278.99 today on Friday, and a low of $262.90 on Monday. The price of the Bitcoins has been on a positive trend throughout the week. There was an increase of 0.58% on Monday to Tuesday, a large increase of 2.19% from Tuesday to Wednesday closing the day at $270.22 from opening the day with $264.42, It made a slight drop of -1.07% on Wednesday then a increase of 2.65% on Thursday closing the day at $274.41, today Friday 23rd, the price is ranging just above the $275 mark.
Litecoin (LTC/USD) is yet to make a move from $3.05, this has pulled down the rate of LTC/BTC back to 0.011.
BlackCoin price made an increase from Monday to Wednesday from $ 0.02300863 to 0.02456066 on Wednesday; it then made a decrease to $0.02237168 as of Thursday.
Check out our weekly financial reports on Gold, Silver and other cryptocoins frequently and be informed about prices.