Technicals Support Gold’s Rise, US$2,000 is Next Resistance
The gold price has been on a tear for the last week or so, rising from around US$1,800 per ounce to above US$1,970.
The yellow metal’s swift increase has taken it through the crucial US$1,900 level and past its previous all-time high of around US$1,920, set in 2011.
But is gold’s ascent sustainable from a technical standpoint? According to Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, the answer is “yes,” and there are more gains in store for the precious metal.