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Hello my name is Chuck Dougherty and this is the Spot Gold Prices Daily Wrap-up.
The Spot Gold prices for Wednesday the 5th of February saw Gold prices opening at around
$1,254.00.
There was a mixed bag of things that happened that moved gold prices although not by drastic
amounts. In the morning things started out slowly on the rise for gold in anticipation
of the ADP job numbers after a tiny dip to the low of around $1,253.60. After the report
came out and showed the numbers were weak gold jumped to the high of around $1,265.90.
But that didn't last long because the ISM data was released shortly after showing an
improvement.
So with all of this mixed information, coupled with Thursday's upcoming ECB meeting and the
big one for the week which is Friday's US jobs report and you have investors who have
lost direction. So of course trading leveled off for now. We ended the trading day at around
$1,256.00 which resulted in a small gain in the price of gold of around $2.00.
Gold bull's need the Chinese new year to get over so they can get back to buying tons of
physical gold, the ECB not to do anything crazy and for the US jobs report to be weaker
than the ADP report which there usually is quite a difference between the two. If all
of this happens gold bull's could get a decent rally going!
Thank you for watching this is Chuck Dougherty and this was the Spot Gold Prices Daily Wrap-up
for February 5th, 2014.
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See you in the next Gold prices episode! Until then, take care.