Did you notice this level in Gold Price?

New York (May 26)  The technicals on the gold chart have been fantastic of late. The price has been trending higher on the shorter-term charts and on this weekly chart below it looks like the retracement to $1716.6/oz (March) was just a blip in a longer-term bull market.

The key feature on the weekly chart is the fact that the price is now heading to the previous all-time high from September 2011 of $1923.7/oz. This morning leading into the EU session the price started above the $1900/oz market and it got me thinking would today's rally take it to the all-important figure. Adding to the importance of the red shaded zone the 61.8 Fibonacci retracement (from the retracement down) also hangs near $1930.3/oz, not a million miles away.

Now the bull flag pattern has been broken you can see how prominent some of the last breaks were in the previous rallies. There have been some good chart patterns since 2019 and the current pattern is much larger the but the premise remains the same.

All in all, the bulls are clearly still in charge of this market but we must keep an eye on price action surrounding these key price zones.

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