Gold price still trying to breakout
There was a valiant attempt yesterday staged by the bulls to try and get the gold price to close above our sighted $1680 level. Gold actually got as high as $1691, but once again in the last hours of trading there was a sell-off which pushed the gold price down to $1677 at the close.
Today there has been a little more weakness in gold trading around the $1673 level. However the pattern we sighted on monday of higher-highs and lower-lows is still very much intact.
Gold price £:
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Gold price $:
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However its worth noting that the rise in gold in $ terms has come at a time of $ weakness. When looking at gold in £ terms the price action has been softer. On monday gold closed at £1069 and has closed slightly lower each day, closing out yesterday at £1065. In £ terms gold really needs to close above £1080 to signal a clear break out.
However it should also be noted that the recent sell off in £ terms hasn’t been as strong as in $ terms. In £ terms the gold price is 11% from its all time high whereas in $ gold is 13% off the highs.
With two trading days left before the weekend can the bulls mount a charge and break out of this consolidation range?
Related posts:
- Gold at record high in Dollars – breakout in Sterling to start?
- Gold price softer today after closing at the top of its ‘box’
- Gold price rebounds as the 200DMA holds again
- Gold price trapped in a box… for now
- Gold price rises this morning as the BoE starts its money printing program
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-still-trying-to-breakout-5444/
Posted by Jason Cozens on Oct 13 2011. Filed under Analysis, Gold News, Markets.
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