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):
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.
We can see on the daily chart that gold has bounced nicely off $1700 and is now up 10% for the year.
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.
On an annual basis £ gold continues to be the laggard and is up only 6% for the year.
- 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/