The high price today has so far reached $1746.99.
the price of gold is trading higher once again. For the day it is currently up $3.72 or 0.79% $1744. The high price has reached $1746.99. That is just short of the April high of $1747.36.
Looking at the daily chart, the price moved above a topside trend line (bull pennant formed) at $1717.70 yesterday. The break above that level is also a break above the topside bull pennant formation. That is a bullish move, and opens up the door for further upside momentum.
The 1st hurdle is the April high. Get above and we should see further upside momentum.
Taking a broader look from the weekly chart, the high price going back to November 2012 comes in at $1754.46. Above that and traders will be focused on the October 2012 high at $1796.08. A break above that level (and the natural $1800 level), will open the door for a potential run toward the 2011 all time high price of $1921.17.
We currently trade at $1745.50 just off the highs for the day and the April high price of $1746.36.
