Gold trades to a new all-time high and backs off a bit. $2450.10 is close risk for buyers

Gold is trading at $37 and 74% or 1.57% at $2459.70. The high price today reach $2462.50. The move to the upside today has taken the price above the May 20 all-time high price at $2450.10. It is a new record high for the precious metal.

Spot gold is up around 19.25% in 2024. Since bottoming on February 14 at $1981.40, the price has moved up around 24%.

Staying above the old highway at $2450.10 keeps the buyers firmly in control. It would take a move back below that level to give the sellers some sort of victory. Absent that and I see the next target near $2481. The local is congruent with the Topside trendline connecting the April high to the May high (see chart below).

This article was written by Greg Michalowski at www.forexlive.com.