Gold News: Can’t Hack the Price of Gold

Gold News

In the latest gold news: As of May 16 at 8:18am EST, gold was trading at $1234.73, up slightly from $1230.57 per ounce, but still down from its trading price of $1267.19 from 2 weeks ago. However, the bullion has started to rally in early Monday trading. After close to a month of declines, gold is beginning its rally.

Gold News

At the beginning of last week, gold continued on the downward trajectory that it had been on for 3 weeks. However, mid-week the bullion started to regain some of its steam. This is largely in part to weak economic data that caused analysts expectations for a June interest rate hike to drop by about 10%.

Geopolitical tensions also added to the bullion’s weekly gain. North Korea’s show of increased nuclear power after a successful missile test sent uncertain investors towards gold. Additionally, this weekend’s series of international cyber hacks supported the bullion as well.

In the week-long gold prediction ending May 11th, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Gold, Silver, and Oil Outlook Based on Algorithmic Trading: Returns up to 1.25% in 7 Days”. After seven days, I Know First’s average percent change came out to 0.67% with both XAU and GLD as the top earners, each bringing in an impressive 1.25% return to short investors.

Comments are closed.