Gold price still in its week’s range
The gold price in terms of $s is still range trading this week after testing once again the $1777 level but failing to break higher yesterday.
Gold this week so far:
Today gold has drifted back towards the lower end of the range getting as low $1757 before bouncing bouncing back to $1760.
Gold longer term $:
The longer term picture is quite clear, gold really needs to clear $1800 with conviction to mount a serious attack on those all time highs from last year.
In terms of € gold it’s showing some good strength and is hovering around its all time highs. A close tomorrow at these levels will mean that € gold will make another fresh all time weekly close.
In terms £ gold it has definitely been the laggard of the three in recent weeks and months. $ gold has rallied some 16% off the May lows whereas £ gold has only risen 13% over the same time period.
If it had risen at the same pace as $ gold the gold price would be around £1120 today. So clearly there is some catching up to do which may come in the next couple of months. After announcing QEinfinity the Fed has shown its hand whereas the BoE is meant to ending its last round of money printing in November.
Of course it wont and it will announce a continuation of the money printing program, the anticipation of which should be enough to help £ gold catch up with the rest of the pack.
- Gold price finally breaks its 8 week trading range – so how much downside is left?
- Will a higher oil price break gold out of its range?
- Gold price still holding at the top of its range
- Gold price rally showing good follow through strength today – up 3.5% on the week
- Huge gold price breakout – rallies $50 in one week
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-still-in-its-weeks-range-8026/