Monday Open: $1,462.00
Weekly High: $1,474.40
Weekly Low: $1,423.70
Friday Close: $1,444.10

Gold showed a pretty slow week between May 6 and 10, unable to break above technical price barriers. Monday began the trading week with slight gains based on the still-strong demand for physical gold and a weaker dollar.

Tuesday slumped down to $1,450. The name of the game Tuesday was equities, as traders had a risk-on mentality and turned to taking profits to invest in equities, which were at an all-time high. The dollar was also stronger Tuesday.

Wednesday saw the gold market improve a little from some short covering and better economic data from China and Europe. Since Tuesday’s prices dropped to a low, some traders took advantage of this and jumped in the market. The dollar was also weaker in the middle of the week.

Then, as soon as the price of gold makes some gains, it drops back down again. Thursday experienced some selling pressure and technical corrections from the previous day. Friday saw gold hit a two-week low, concurrently with Thursday night’s two-week high for the dollar. Certain unfounded rumors circulated Thursday night that indicated the Federal Reserve would put an end to its quantitative easing program soon, a rumor that is no good for gold. The bears are currently in the long-term technical advantage.