Gold and the resolved EU debt crisis

Market Pulse: July 2

The past week we saw August 2012 Gold open at $1,561.80 per oz. and close at $1,604.20. 

During the month of June we saw August Gold hit a high of $1,642.40 on June 6 and a low of $1,545.50 on June 1. What you should know is fundamental shocks moved gold more than anything else during the month of June’s price action. Taking a look at the first trading day of June the first, we saw gold open at $1,561.80 and close the day at $1,622.10, a $60.30 move up caused by a dismal U.S. jobs report. Buy June 8 we saw gold hit a low of $1,556.40 on a day with a long legged doji candlestick. On June 21 gold dropped $42.20 on banks getting downgraded and the EU debt crisis worsening. Then the last trading day of June, gold opened at $1,551.30 and closed at $1,604.20, a $52.90 move up.  What caused this? A report coming out to the two day EU summit that Euro area leaders came to an agreement to solve the debt crisis. Will this agreement work? Hopefully better than the agreements made the past two years. Stay tuned.

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