Gold Price Breakout & Consolidation
We’ve witnessed an extraordinary breakout with respect to the price of gold over recent months. The yellow metal broke out above its critical level of technical resistance during the month of June, rising above the high reached during July 2016 of $1380 per ounce. Importantly too, it has managed to remain well above that level.
Gold’s robust performance has been driven by a confluence of factors – all positive – including falling interest rates, economic growth concerns, political instability, and uncertainty surrounding the ongoing trade war between the US and China. There have been other factors too, such as geopolitical concerns, including unrest in Hong Kong, as well as the recent attack on Saudi Arabia’s oil facilities.