This article was written exclusively for Investing.com
- New highs in gold in all of the leading currencies except the dollar
- The Swiss franc was the last shoe to drop
- Gold is heading for a test of the 2011 highs in dollar terms
- The potential for much higher levels is on the horizon
The gold market reached another milestone last week when the price of the hit a high of $1829.80 on the active month August COMEX futures contract. From a technical perspective, gold rose to the highest point since 2011 and above all resistance levels below the all-time high in US dollar terms at $1920.70 per ounce.
At last week’s peak, gold was less than $100 below the record level from nine years ago. At the end of the week, the price was just above the $1800 level and at the time of writing the price is 1,803.75.
One of the signs that the bull market in gold that began in the early 2000s will continue to rise is the precious metal’s performance in all currencies. Central banks worldwide hold…
