Gold prices have retreated under the $1250 mark after hitting new highs last week. Gold prices are currently down over $15 but this pullback is to be expected as nothing goes straight up. Over the last several months gold prices have carved out a very beautiful up trend with pullbacks along the way.
When looking at the chart for gold prices it is very obvious that this bull market has accelerate higher after gold topped the $1000 market last fall. Many long term technical analysts felt as if gold would move higher as it was breaking over the $1000 market which served as strong resistance for quite some time.
The break and retrace of the $1000 market has help to push gold to as high as $1250. Some analysts continue to predict a move higher as inflation could be an issue in the United States as there has been a significant amount of money printed over the last several years.
Even if inflation is not an issue Gold still have many bullish signs including the fact that gold mines are very hard to open and the lack of capital is making it even harder to dig for gold at these large gold mines. No one truly knows where gold is headed but it has carved out a beautiful chart moving higher.
Author: Charles Dean
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