Gold ETFs Fall: Weekly Gold ETF Report
Gold ETFs fall for the week on technical selling and worries over the fiscal cliff.
Gold ETFs were mostly lower all week as the precious metal closed the week at $1717/oz.
SPDR Gold Trust (NYSEARCA:GLD) finished the week 2% lower and lost 0.7% on Friday.
Gold and gold ETFs encountered heaving selling on Wednesday as futures dealers dumped their positions and triggered stop loss orders.
Gold and gold ETFs continue to be rattled by the fiscal cliff debate as the two sides square off and little progress apparently is being made.
chart courtesy of StockCharts.com
A quick look at the chart of SPDR Gold Trust (NYSEARCA:GLD) shows us that the gold ETF is below its 50 day moving average and that RSI and MACD are both curving downwards, indicating declining relative strength and momentum. Daily MACD is now on a “sell” signal and the 50 day moving average is curving over to form a downward trajectory which is typically a negative development for upward movement in gold.
Weekly Gold ETF Update:
Gold Spot Price: $1770/oz. -1.9% for the week ending November 30th.
SPDR Gold Trust ETF (NYSEARCA:GLD): -2.1%, This ETF reflects the current price and trends of Gold Bullion and so offers exposure to the gold market within a brokerage account. The gold spot price for NYSEARCA:GLD is determined by the 24 hour global over-the-counter (OTC) gold market. The SPDR Gold Trust ETF (NYSEARCA:GLD) is the world’s largest gold ETF and second largest ETF in existence.
iShares Gold Trust ETF (NYSEARCA:IAU): -2.1%, This ETF reflects the current price and trends of Gold Bullion and so offers exposure to the gold market within a brokerage account. The iShares Gold Trust ETF (NYSEARCA:IAU) is backed by gold held in trusts located in London, Toronto, and New York. The gold spot price for the iShares Gold Trust ETF (NYSEARCA:IAU) is set by the London PM Fix Price for spot gold as determined by the London Bullion Market Association.
Bottom line: Gold fell last week as technical selling took hold and investors worried about the outcome of the fiscal cliff.
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Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.
