New Record Gold Price 2010

Driven by mounting Greece debt, gold price rose to new record high today to US$1,240. It should clear US$1,300 real soon ...

Record Gold Price in Sterling Pounds

A month after reaching then record high of $1,066, 12 November sees yet another record high of $1,121. Prices soften before reaching yet another new high of $1,126 during Asian trade. On 17 November, gold price continue to crash through resistance reaching $1,143 during Asian trade and $1,152.40 in NY Trade.

As I write, gold price was $1,162 before NY opened and has since cleared $1,168. The final resistance ($1,160) was cleared, prompting analysts to re-look and forecast new resistance levels of $1,176 and $1,200 with support at $1,145. With continual weakening of the USD, $1,200 looks likely. And if anyone is saying that gold is rising in only USD terms, well, at $1,166/oz, £701/oz is a new high (£690/oz London PM Fix on 20 Feb 09), while €776/oz is just €6 from its record high of €782. What can stop the rise of the world's most primitive currency?

Experts' view

9 November has seen yet another step in record gold price of $1,110.

Commtrendz Research:

mportant support is now at $1,080 and breach of this level could trigger stops. As we have been maintaining a bullish view for some time based on the big picture charts, our view stands vindicated as gold prices tested $1,100 levels. As long as the crucial weekly support at $1,073 remains intact, we feel gold futures could again inch higher towards $1125 or even higher. The rally does not indicate any signs of exhaustion yet. Unexpected fall below $1,073 could trigger a corrective fall towards $1,025 or even lower towards $1,011. Only a deeper fall below $1,007 will indicate bearishness. Such a fall could take it lower towards $980 or even lower towards $928.

Elliot wave analysis indicates a possible fifth wave move in progress. This has been confirmed on rise above $978. A potential fifth wave target lies at $1,100, which has been met. RSI is in the neutral zone now indicating that it is neither overbought nor oversold. However, signs of negative divergences are seen now. The averages in MACD are still above the zero line of the indicator indicating the bullish trend to be intact. Therefore, look for gold futures to test the resistances levels and then correct lower subsequently. Supports are at $1083, $1,072 & $1,045. Resistances are at $1,100, $1,125 & $1,160."

Novice view: This should be it. Unless Russia joins in the buying spree, I don't see it going to clear $1,125 for 2009. Gold/Silver Ratio is more than 60/1. Unless silver plays catch up, else, with stock indices looking good, there is no incentive to chase gold.

Record Gold Price

Thinking that $1,066 on 13 October was a new high, 3 & 4 November saw series of new highs of $1,088.50 and $1,098 respectively. Now, as an online diary, it would be good to keep a record of yet another new high above $1,100 at $1,100.90 before it eased to $1,095 for 6 November close. Such movement has prompted me to unfreeze this blog.

India's 200-ton haul has spark off Sri Lanka's action, which analysts estimated a 5-ton purchase. So it looks like spot gold would hold on for some time above $1,000.

I've also renamed this blog from 'Silver Numis' to 'My-Numismatic-Collection' to record my path of collection, which includes the American Gold Buffalo and Australian Gold Dragon.