Gold’s Renewed Push to Highs

The price of gold is rising for the fourth week, having added over 3% in the last five days. With the price of an ounce around $2780, the price has reached the area of historical highs at $2790. The dynamics indicate the completion of the corrective pullback and a new attempt to storm the historical highs.

Among the reasons for growth is the threat of tariffs from the US. These threats are building traction into security. It also caused the rest of the world to ramp up domestic stimulus, pressuring national currencies and pushing up commodity prices, including gold. The stalled dollar rally is also on the side of bullion buyers.

Technically, a consolidation above $2800 would open a direct path to the $3400 area, which is more than 20% above current levels.