Tuesday, April 17, 2018

Gold price has remained above $1300 for the longest stretch in five years

In opposition to many analysts who have predicted that gold would fall down to extreme levels of $1000, $600, and even $400 per ounce, and interesting trend has instead emerged which hasn't occurred since June of 2013.  And that is that the gold price has remained above the $1300 level for at least 105 days straight.

Since crossing over $1,300 an ounce on Dec. 29, 2017, gold hasn't looked back. It has been 105 days (and counting) since gold actively traded below $1,300 per ounce, which is the longest such streak since prior to June 2013. Make no mistake about it, gold has crossed over $1,300 an ounce on quite a few occasions since June 2013, but at no time had it stayed above this watermark for longer than 101 days (Jun. 24, 2016 – Oct, 3, 2016) -- until this past week. – Motley Fool
In addition to this trend, it also appears that the floor for gold has moved above $1310 to consolidate around the $1320's.  And this consolidation is making it much more difficult for the manipulators to be able to keep it from breaking through the $1355 resistance level in the near future.


Post a Comment