Since our update last week, the Gold Composite Future has moved within the range indicated (895-935 $ an ounce). The red trend line together with the support at 895 $ have firmly supported the future, that is now trading trough new highs. We expect it to break the historic high at 936.85 $ an ounce.
Hold the position opened at 895 $.
First Resistance set at 937 $.
Last week, in this article, we analyzed the Gold Composite Future. After braking the resistance at 937 it found more space and hit a new record high at 954.05. It is now consolidating in area 935$, where the resistance is now supporting the future- We believe it still has space for its run and we expect it to trade higher hitting a new high.
Support 1: 935
Support 2: 920
Resistance: 954
Gold touched a historic high above $910 an ounce, due to a general sentiment to buy the metal on further weakness in the dollar and expectations of a cut in U.S. interest rates.Some investors decided to take profits in the afternoon, despite the rally doens't seem to stop. Prices have jumped 50 percent in the past year, and 15 percent in the last 30 days.
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