Previously, the market rallied in electronic overnight screen trading to the highest level in nearly seven weeks as the precious metal gained technical-chart momentum after getting boosted the last two days by comments from European Central Bank officials.
Just before 9 a.m. EDT, gold for August delivery was $5.10 higher to $1,620.20 per ounce on the Comex division of the New York Mercantile Exchange, while the December contract was up $5 to $1,624.80. As of Thursday, August had the most volume but December the most open interest as the rollover continues. September silver was up 7.4 cents to $27.520 an ounce.
Gold price heading back towards $1700 in the next few weeks?
The strength in the Euro gold price shows no signs of letting up. If the gold price in €s can end the week at these levels it will be the second highest ever weekly close for gold in that currency. The last time gold closed higher than this level was in the week that € gold went onto make fresh all time highs – the start of September 2011.
In terms of $ gold it looks like it is on the verge of a breakout of the tight trading range it’s been in since mid-May. So near-term where can we expect the price to rally to? now has a near-term price target of $1700 by mid-August:
In terms of £ gold we’re looking like having its best close in some 12 weeks, but is still finding the going tough every-time the price gets above £1030. However, if gold in $s is heading to $1700 in the next few weeks this should drag £ gold along for the ride and break that overhead resistance level of £1030:
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