Gold Moving

Posted by on Jul 31, 2012 in Stock Market | 0 comments

The price of gold is quietly rising. After peaking last September at over $1,900/oz, the price steadily declined to as low as around $1,534/oz (support level) a few times this year, most recently in May. Twice since then the price has rallied to around $1,635 or so (resistance level). Right now, August futures are around $1,622. So once again gold seems to be heading toward resistance. Should it break through this time, the next resistance level will be at about $1,680. My money is that the price moves higher.

Concurrent with the increase in the price of gold is the even stealthier increase in the price of silver. After falling to a low of around $16.25 in late June, the price of August futures has moved a bit higher, to $28.07. With a little push, the price could attempt to breach resistance at $30/oz.

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