Gold: 12-month-high is one step away
Gold prices are sharply higher this week. A fresh eight-month high just above $1,900.00 was recorded on Thursday. The cost of the yellow metal has been up 7% for the past three weeks. The upward pathway is likely to continue as the current trend line is poised to be replaced with another steeper one.
From a bigger picture we can see that the trend line connected by the lows from March 2021 has shown the strong momentum underpinning the price growth of the precious metal, which is now just a step away from the 12-month-high at $1,916. The next challenge to face after $1,916 can be found three months prior at $1,954, reached on November 9, 2020.
The nearest support in view is $1,870, the top point in November 2021, before the price pulls back to this January’s high at $1,847.