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Gold hit a record high at US$1,167.45 an ounce on Monday as dollar weakness pushed the metal through key technical resistance levels, fuelling momentum buying after the metal's sharp run higher earlier this month.
The summer doldrums are normally a weak time for gold, with July and August historically being two of the worst months for the yellow metal. July followed this pattern with there being a great deal of weakness in the gold price. However gold prices have bounced back this month, with gold now only $60.00/oz off its high. We are not sure why so many investors believe all in the markets and general economy is well, when gold is a 5% from its all time high whilst the S&P 500 is 40% from its high.
Adam Sharp submits:What a beauty. Cup and handle, classic bullish chart. Time period on this chart is late 2009 through today (September '10). Click for bigger image. Courtesy of Jesse, who does some excellent technical analysis (fundamental too) at his blog.Complete Story »
Babak submits: Last month I reviewed the state of gold and argued that while gold sentiment was rising along with price, the technical picture was giving us an all clear for continued price appreciation. Another strong bullish argument I mentioned was that we were about to embark on a historically strong gold seasonality, starting in late August.
Market Folly submits:MarketClub recently took a technical look at gold and given that everyone is talking about the metal,[link widoczny dla zalogowanych], we wanted to highlight their analysis. Pulling up a chart of the precious metal, Adam points out a potential double top at around 1,264 that took place in June. Since then, gold has sold off in a substantial manner, down to 1,179.
The price of gold soared above 1,195 dollars an ounce for first time in history here on Thursday, following a purchase of IMF gold by Sri Lanka's central bank.Gold hit 1,195.13 dollars per ounce at around 0400 GMT on the London Bullion Market,[link widoczny dla zalogowanych], extending its record-breaking run.The precious metal has won support in recent weeks from inflationary fears, the weak US currency and increasing moves by central banks to diversify assets into gold.
Chris Mack submits:In recent weeks gold and silver have broken through their multi-month consolidation levels, and investors are wondering where the precious metals are headed. On a short term basis both gold and silver are overbought and due for a correction that may retest the breakout levels of $1250 on gold and $20 on silver.
Marvin Clark submits: 1. Technical Breakout From a technical analysis perspective, there has never been a better time to own or purchase gold. Every tradable asset has what is known as support and resistance. Support is the value by which any asset is assumed safe for buying. This is determined by previous price levels.Complete Story »
Gold retreated 1% Monday on a sharp technical sell-off and dwindling safe-haven buying, after an initial rally fizzled that would have lifted gold to an all-time high
Mark O'Byrne submits: Gold: Gold rose nearly 1% to close at $1,076.50/oz in US trading. It then range traded between $1,074/oz and $1,080/oz in Asian trading this morning. Gold is currently trading at $1,080.00/oz and in euro and GBP terms, gold is trading at €783/oz and £686/oz respectively.
seekinGold submits:Fundamental and technical analysis of the gold market forecast gold prices to hit $1,500 an ounce by the end of the year. Gold prices have been rising steadily recently, mostly due to weakness in US dollar.