Gold hits fresh record high
Gold was firmer again this morning, building on yesterday’s gains. It then dropped sharply as the New York futures exchange opened, before steadying just above $2,430. It proceeded to shoot higher, taking out its all-time intra-day high of $2,450 from two months ago. This is a situation which must be offering up some comfort to the bulls. Gold has made steady upward progress since the end of June, rallying off support around $2,300. The daily MACD is in positive territory and indicating growing upside momentum. Yet it is nowhere near overbought levels, even as the gold price hits fresh record highs. That’s the good news. Yet buyers may now decide to exercise some caution, given the sudden price plunges that have appeared to come out of nowhere. We’ve seen these on several occasions, most recently in April, May and June. Could July prove to be an outlier? Silver has also found some love today, and the latest break above $31 is certainly encouraging. If it can now hold above here on any pull-back, then that will really raise the possibility that this year could bring a fresh record high for silver as well.
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