by Alasdair Macleod
Despite a sharp run-up over the last two months, gold’s consolidation of previous strength has been a three-week sideways affair.
Gold’s price started the week at $1260 and as of this morning (Friday 0800 London time) was $1271, after trading as high as $1282 overnight. Silver moved from $15.58 to $15.64 at the same time. For gold, the three-week consolidation of the previous rise now appears to be complete.
The technical position has improved sharply, and chartists will generally be enthusiastic. I describe the current bullish set-up in my Insight article, published yesterday.