Gold Closes at New All-time Weekly High

| September 18, 2010

Last week, gold broke out to a new all-time closing high, and on Friday it closed at a new all-time weekly high as well.

Now that gold has experienced long-term breakouts across daily and weekly time frames, the next bullish technical objectives would be breakout confirmations via closes at least 2.5% above the previous long-term highs in the $1,256 area, so the price level to watch moving forward is about $1,288. Technical indicators continue to gradually strengthen on the weekly chart and are now slightly bullish overall, supporting a continuation of the uptrend.

Category: Commentary, Market Update

Comments are closed.