Gold Market Wire
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Gold Trades at Record High Price of $1945 as Market Soars in Asian Trade
July 27, 2020 - (Gold Market Wire) - Gold has shattered its previous price record at $1921 to trade as high as $1945. The market is now in near vertical ascent for its fifth session in a row, as the chart depicts.
Last week's action was highly conducive to a continued rally, and the target of the all-time high was there for the taking. As is so often the case, volume told the story of a market ready to follow through to the upside.
As chaotic, nearly neurotic, behavior of government's, especially in the UK and Europe surrounding Covid-19, continue to capture the political stage, public confidence continues to wane and Gold continues to rise. Gold is the ultimate barometer of public confidence in government, and the all-time high tells us where the public stand on the issue, loud and clear.
Day after day the news just piles up and every part of it seems to confirm that an era of monetary chaos is upon us. It is going to be tough for Gold to go down in an environment like this, but it will likely retrace before long. That will provide what will probably be the final chance to build further long positions before we enter a full-scale monetary crisis and Gold moves over $2,000 an ounce to much higher levels.