Thursday, May 24, 2018

Gold price breaks out of 10 day range to once again cross back over $1300

Ever since the price of gold was slammed down back on May 14, it has traded primarily in a range of between $1284 and $1296.  But as the dollar declined for the first time in more than a week today on May 24, gold has broken out of that range and is now back over $1300 per ounce.

The gold price is still down more than $20 from where it was back on May 14 before its collapse into the $1200's.  However geopolitical events coupled with the Fed's need to deal with growing stagflation fears puts the oversold metal still well below its true value.


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