Euro gold price on course for its second highest weekly close ever

The gold price action this week has been very strong, and no more so than in the € gold price. In fact if gold can close above €1324 (currently at €1332) this will € gold’s second highest ever weekly close. The only time gold has closed higher on a Friday was back at the start of September 2011, when it close at €1357, less than 2% away.

€ gold weekly:

(click for sharper image)

As for $ gold it is now solidly back above its 200 DMA and up over 3% on the week – it is now right up against it’s long-term resistance level, something we pointed out yesterday. A close a these levels should see the bulls feel emboldened enough next week to make and attempt on $1700.

$ gold:

(click for sharper image)

£ gold has also fared just as well and we’re now looking like closing bang on the weekly closing high from the end of May.

£ gold:

For all the naysayers and pundits who actually called gold ‘a bear market’ (*cough* Bloomberg *cough*)…

@13s “gold bouncing back from its bear market lows”

… should really stop and consider the fact that € gold is only a matter of a few Euros away from making fresh all time highs – that would be the oddest behavior of a ‘bear market’ in the history of fiance, one that is cunningly disguised with about as classical a BULL market action as you can get.

With sentiment so poor in gold in recent weeks, and after this week’s strong action it wouldn’t be surprisingly in the slightest if we see this run take us onto $1700, and for new all time highs to be posted in €s in the next couple of weeks.

Related posts:

1. Gold price looking for another weekly gain and a close above its 200 DMA
2. Gold price looks set to end the week on a positive note – in Euro terms now only 4% away from making new weekly closing highs
3. Gold Price Update: The Bulls Are Back in Town – Strong Weekly Close
4. Gold ends up having its second highest monthly close… ever
5. The gold price weekly wrap

Link to this article: : http://www.goldmadesimplenews.com/gold/euro-gold-price-on-course-for-its-second-highest-weekly-close-ever-2-7751/

Posted by Thomas Paterson on Aug 24 2012. Filed under Gold News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.