Friday, June 5, 2009

Today in Gold: Friday, June 5

Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:

"US gold ends 2 pct down, near $950/oz on dlr rally"
Author: James Pethokoukis

Main Points: Gold for August delivery fell $19.70 to finish the week at $962.60 an ounce amid better than expected jobless reports. The price was as low as $953.80 an ounce, the lowest since May 28.

Some analysts believe that gold could weaken further based on historic data following a rally approaching $1,000 an ounce during the past two years.

Analysis: What a week in gold.

Monday: Down $.30
Tuesday: Up $3.20
Wednesday: Down $18.80
Thursday: Up $16.70
Friday: Down $19.70

Overall, gold was down $16.20 since the end of last week's session. After a month dominated by rallies, gold dropped $18 or more in one session twice this week -- and twice in three days. The charting history of falling after approaching $1,000 an ounce certainly works so far. We'll see where we go from here next week.

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