After yesterday’s pullback the gold prices rise to around $1755
Yesterday we had the first significant pullback in the gold price in weeks. Gold fell back down to around the $1740 level.
Today however the buyers have turned up sending the gold price to around the $1755 level.
In terms of € gold we’re still well above the old all time closing high of €1357 set last September, currently trading around the €1367 level.
Gold priced in sterling is hovering around the £1085 level today.
It’s understandable that would get a pullback here. Firstly gold reached that resistance level of $1777 all the way from $1600 with little real drama – an impressive run of 10% in 4 weeks – so the more short term minded are no doubt booking some good profits here.
Secondly the bears are fully aware that if they let gold close above $1800 then gold will be looking to retest that all time high of $1920 in very short order.
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Link to this article: : http://www.goldmadesimplenews.com/gold/after-yesterdays-pullback-the-gold-prices-rises-to-around-1755-8132/