Gold price: The gold price has new support

After gold consolidated below $ 1,750 for almost two months, the price of the shiny precious metal is currently on an upward trend again. With last week’s high of $ 1,818, gold has become significantly more expensive in recent days. The knot broke when the range already started in April below $ 1,750 was left in mid / late June. In the course of the wave of purchases that started, the first classic goals could already be worked through. The most recent was in the range of $ 1,814.50 and resulted from the old consolidation range being removed.

Break through was managed
With the previous high, the bulls even managed to break through an old resistance area from 2011 and 2012, at least temporarily. At that time, the bulls chewed their teeth several times from around USD 1,800 and in the end even a big wave of sales was started, in the low of which gold was available for around USD 1,050.

Are the cops experiencing a second drama?
With a view to the mentioned major correction starting from USD 1,800 almost ten years ago and current quotations in this price range, many a bull could get nervous. Of course, there is currently a risk that the old resistance area will not be broken. But it looks pretty good at the moment. The upward trend is intact and the previous sales interest in the problem area is also limited. Ideally, after only moderate consolidations, the gold price will continue to climb towards $ 1,900 and even $ 2,000 over the next few weeks, which means that one ounce of gold would never have to be paid as much.