Gold Price Analysis: Will it be a smooth journey to the all time high?
|- Gold has moved another 0.74% higher to hit a high of USD 1,818.17 per troy ounce on Wednesday.
- The momentum still looks good on the daily chart.
Gold daily chart
The daily chart shows an acceleration away from the top of the flag pattern. The price has now broken out of the blue resistance line which was the previous consolidation high back in 2011 after the price dropped from the all-time high.
Both the indicators are looking positive with the MACD histogram still green and the bars are still increasing in size. The signal lines are also still elevated and they have not had a bearish cross just yet. The Relative Strength Index indicator is in the overbought zone but in the past, it has stayed there for a while before the price dropped off.
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Gold monthly chart
The monthly chart highlights the levels that the bulls are targeting in the precious metal. It is also a slightly better angle to see the most recent resistance break. Both the indicators on this timeframe also look like showing no signs of slowing down. It is important to remember any blip or wave lower on the daily and intraday charts will not show up to well on this timeframe. The key target for the bulls is now the all-time high of USD 1921.07.
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Additional levels
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