Breaking: Gold hits a new record high above $1,921
Gold has printed a new lifetime high of $1,921.10, surpassing the previous record price of $1,921 reached in September 2011. The metal has rallied by over 25% this year with the US Federal Reserve’s unprecedented money printing pushing inflation-adjusted yields on Treasuries to negative territory.
Gold Price Analysis: $1,918 offers stiff resistance
Gold appears on track to set a new record high above the September 2011 high of $1,920, having carved out a bullish marubozu candle last week – a sign of buyers controlling the price action.
So far, however, the upside has been capped around $1,918. As can be seen in the 5-minute, the metal has faced multiple rejections at $1,918. That said, the uptrend line from the early Asian session low of $1,899 is still intact. The weekly chart, too, is reporting bullish conditions, as noted earlier.