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Gold Price Momentum Continues

The price of gold continued to tear higher, extending beyond recent aggressive price action following last weeks Federal Reserve Meeting. This week has continued is similar vein as the anti-fiat precious metal climbed higher and recorded a new high overnight of 1128.70 and 1439.21 (on the 25th of June 2019) in sterling and US dollar terms respectively. From a technical point of view, the upside momentum in gold has picked up as more individuals are looking to protect themselves against a US recession. In sterling terms, gold is rallying as the pound itself is aiming cautiously to the downside after Boris Johnson, the favoured candidate for being the next UK Prime Minister suggested that Parliament is ready to back a “no-deal” Brexit. Globally, gold has become popular as of late given the United States altercations with Iran and China over independent matters, intensifying fears that this could lead to war down the line. There is no doubt that the short-term price of gold has become exhaustive, but its momentum is well supported by global headlines. By exhaustive we believe that the price of gold has gone up very quickly in a short space of time. For it to continue at the same rate, gold could find it difficult. Therefore, you could get a period where the rate at which it trends higher decreases. Despite this the gold price is still supported by global news.

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