Gold price on the verge of making new all time daily closing highs… in Euros
Being a gold trader this week was pretty easy, you got up, went to work, bought gold, came home, made money. And as if to top it off the gold price is putting in a very strong close to the week and and last glance was trading at $1730.
Gold $:
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Gold €:
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Watch for that €1357 level going into the close today, if gold can close above there it will be gold’s best daily close (and weekly) ever.
Gold £:
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In terms of £ gold that £1100 level is now firmly within the grasp of the bulls.
Basically the shorts are in full blown retreat right now and every attempt to drive the market lower is being met will waves of buying. And it’s hardly surprising, here are the last 3 weeks of rises for gold:
- up 3.4%
- up 1.2%
- up 2.3%
That’s a near 7% rise in just 3 weeks.
As we speculated last week and this, there really isn’t much overhead resistance until we start getting around the $1777 level, which is where we’ll probably find the shorts camping out sometime next week.
Related posts:
- Gold price only 6% away from making all time highs in Euros
- 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
- Can the gold price in Euros close at all time monthly highs today?
- Gold price now within spitting distance of $1700 as € gold closes August at new all time monthly highs
- As Utah adopts gold standard gold nears record highs in pounds and euros
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-on-the-verge-of-making-new-all-time-daily-closing-highs-in-euros-7840/
Posted by Jason Cozens on Sep 7 2012. Filed under Gold News.
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