Gold price still trying to break above $1777 – will the forth time be the charm?
Yesterday the gold price reached $1793, the highest level gold has been in eleven months. However, just like the two previous attempts at breaking above $1777 it was short lived.
Gold $ (hourly):
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However the sell-off this time has been nowhere near as dramatic as the previous two times and suggests a market that wants to have another push towards $1800.
Gold $:
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In terms of €s the €1375 level seems to be offering up good support. And on the daily chart we can see € gold is still clearly well into all-time high territory.
Gold €:
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As we’ve mentioned before £ gold has been the laggard out of the three during this latest move since the end of August. But it looks like this might be changing with £ gold now holding above the £1100 level
Gold £:
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However £ gold really needs to clear £1135 on a daily close to have a quick shot at making all time highs.
It seems, just like we thought they might, the bears are really digging their heels in at these levels and are stopping any raids higher quickly. This is because they know what the bulls know. A solid close above $1800 and the bears will be covering their shorts all the way up to $1920.
Related posts:
- Gold price touches $1777 on the back of QE to infinity
- Gold price itching to break higher as silver price touches $29
- Gold price up on the week but finding it tough going to break above $1680
- Will a higher oil price break gold out of its range?
- Gold price on the verge of making new all time daily closing highs… in Euros
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-still-trying-to-break-above-1777-will-the-forth-time-be-the-charm-8214/
Posted by Thomas Paterson on Oct 2 2012. Filed under Gold News.
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