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Last week, the gold spot price was up 1.87% and the U.S. Dollar Index was down 0.66%.
Last week, gold prices broke above the 50-day moving average on the daily chart, closing the week at $1,780.20 per ounce.
Major U.S. indexes ended mixed last week. The S&P 500 increased by 2.71%, the Dow Jones Industrial Average was up 1.95%, the NASDAQ Composite was up 3.12%, and the Russell 2000 small-capitalization index lost 0.46%. The 10-year Treasury bond yield fell 6 basis points to 1.66%, as Treasury bonds rose for the week. Spot gold closed at $1,743.88, up 0.84%.
Last week, gold prices continued moving up off the “double bottom” pattern identified in last week’s article. They broke above the resistance trend line that began at the start of 2021 and then approached the 50-day moving average before closing the week at $1,744.80 per ounce.
Last week, the gold spot price was up 0.84% and the U.S. Dollar Index was down 0.82%.