Gold price breaks out of its week long range
The gold price gets back above $1720 and appears to have broken out its week long range.
Gold $ (hourly):
(click for sharper image)
On the hourly chart we can see that buyers have been coming into the market at increasingly higher prices.
Today, gold has broken out of that downward sloping overhead resistance level – a daily close above $1725 should bring in more buyers as more people believe this correction to be over.
Gold $:
(click for sharper image)
We can see on the daily chart that gold has bounced nicely off $1700 and is now up 10% for the year.
€ gold:
(click for sharper image)
We can see that € gold has now pulled back nicely to its former resistance line which looks like it has now become support and is now up 10% for the year as well.
£ gold:
(click for sharper image)
On an annual basis £ gold continues to be the laggard and is up only 6% for the year.
Related posts:
- Gold price finally breaks its 8 week trading range – so how much downside is left?
- Gold price back in its month long range
- Gold price about to re-enter its long-term trading range
- Gold price still in its week’s range
- Silver price breaks $37 – now up 34% for the year
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-breaks-out-of-its-week-long-range-8538/
Posted by Thomas Paterson on Oct 31 2012. Filed under Gold News.
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