Gold Reaches an All Time High for 2018

Gold slips

Gold prices landed at $1363 per ounce in September of 2017. This concluded the dynamic rally that began in July 2017 when gold ended up trading just above $1200. This $163 rally displayed the largest single price move among any of last year’s rally.

A sustained multi-month correction is what followed in which the price of gold plunged to $1262 at first, and then took it up to $1309 per ounce in a brief rally, but trading a little lower at $1266 per ounce in the end.

A final attempt in trying to come back into a rally was made wherein it lost momentum towards the last trading days of November that was then followed by one final selloff, taking the price of gold down to $1238 per ounce during the second week of December.

The declines that happened in December marked the start of the rally which is still currently taking place. A very important factor is the 78% temporary reversal of the previous $1335 correction which is the final price point that gold needs to achieve for it to be able to reach the former high at $1363 which is the next real viable target.

As of 3:20 PM Eastern standard time today, traders effectively increased the price of gold futures above the price point of $1335. Trading $9.10 more at $1341 per ounce. Gold is only going higher from there as they challenge the recent yearly high of last year.

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