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“Gold opened the week at $1,284.84 “— Bill Poulos

GOLD

This week Gold has been pretty rangy after the big bull run in December. Looking at the movement this week, one would conclude that Gold is consolidating. Gold opened the week at $1,284.84 and is currently trading on Friday, January 11, just before the close at a slightly higher $1,287. The range for the week has been between $1,279.52 at the lowest and $1.297.06 at the weekly high. So we opened and are closing at the lower end of the range for the week. The concern for slowing economic growth and a more dovish FED will generally have a negative effect on the U.S dollar and could be good for Gold prices as the year moves on. The real resistance level is at $1,300 per oz and is a key price level if broken many analysts are looking for Gold to move higher to the next resistance level around $1,320 and then $1,350 per oz.

SILVER

Silver, like gold, is in a consolidation this week, moving mostly sideways between $15.80 and $15.53. Trading right at $15 60 near the week’s close today. Having failed to close higher than $15.80 the $16.00 per oz resistance is a significant resistance level that will be more difficult to reach. However, the market has moved off the $15.80 level from last week and may be forming a bullish flag pattern, so that if it does move up and close above the $15.80 level in the next week or so, the $16.40 level would be the next higher resistance price level.

OIL

Oil prices have been in a bullish run for the last couple of weeks, that looked to keep pace until Friday. While many are now looking for Oil to be in a bull market, Friday is closing down on the session at about $51.65 after running up above $53 earlier on Friday. This weakness in not totally unusual as Oil has moved up 8 consecutive days in a row. Plus we have significant resistance at the $53.00 per barrel level. As optimism grows concerning the global economy and the willingness of OPEC to respect their agreed upon production cuts, the bull market should continue. Especially if oil can close above $53 per barrel or higher. The next resistance is right around $55 per barrel.

About Bill Poulos:

Bill Poulos was born and raised in Detroit, Michigan. He married his high school sweetheart, Karen, in 1969. While working for General Motors he began to analyze the markets as a hobby. Upon retiring in 2001 from GM, Bill and his son, Gregory, founded Profits Run, Inc. The company offers coaching and courses concentrating on investing in the markets. Poulos utilizes his years of investment experience and finance knowledge to contribute to Investing, LinkedIn, Yours.org, and here on Medium. Today, Bill and Karen live in Wixom, Michigan.

Bill Poulos is an author, retired automotive executive (General Motors), and co-founder of Profits Run, Inc. Bill offers insight into the economy and trading.

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