$1700 gold price just breached
Just a couple of days ago we noted:
It would be fair to say that the rally in the last couple of weeks seems to have caught investors napping and a run into $1700 territory this week is certainly on the cards.
And that is exactly what has happened today with gold popping all the way to $1712.
Keep a close eye out on the € gold price of €1357 as we go into the close today. A close above this level will be € gold’s highest ever daily close. Currently we’re at €1354.
So where next for gold? As we talked about on tuesday we’re now back in the up-trend channel that started some 4 years ago, and that has the potential resistance price now well in the $2000s. But on the more short term there really doesn’t seem to be much stopping gold until it hits the $1777 level, which might take a couple of goes to break when it does get there, and that might be as soon as next week.
So, the year-to-dates are now:
$ gold – up 10%
€ gold - up 12%
£ gold – up 7%
- Gold price heading back towards $1700 in the next few weeks?
- Gold price trading back around $1700 – head & shoulders forming?
- Gold price now within spitting distance of $1700 as € gold closes August at new all time monthly highs
- Gold price nears in on $1700
- Gold price liquidation continues as gold falls to $1700
Link to this article: : http://www.goldmadesimplenews.com/gold/1700-gold-price-just-breached-7833/