Oct 07 2010
Gold reached new record high on concerns that monetary easing is destabilizing currency markets.
On Wednesday, a weak private-sector jobs number pushed the US dollar lower which also helped gold reaching a new high. Powerful uptrend is shown on the charts, with $45 up already since Monday, and the technical picture suggests that uptrend will not finish any time soon. More bulls to come!
A recent upward structure is very powerful, a clear personality of a third wave, which signals for even higher levels ahead. We anticipate a bullish price action towards the 14000 region as long as the prices trade above 1317. Any pull-back from the highs will be only a temporary, corrective move of a fourth wave as shown on the chart below.
Gold 4h chart:
Disclosure: Long gold