Gold on the edge: is a record high around the corner?
Gold prices have settled into a rectangle pattern, a favorite of mine due to its simplicity and high probability of a successful breakout. Over the past 25 days, the price has been consolidating within this range, which strengthens the likelihood of a significant move once the breakout occurs. A breach of the 2,530 level, particularly if the US inflation data tomorrow comes in lower than expected, could propel the price by 57 dollars per ounce, reaching 2,586, a new all-time high. On the other hand, if the price breaks below 2,447, it could fall by the same amount, potentially dropping to 2,410.
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This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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